Source: China Daily

The Guangzhou Development District is investing heavily in seeking high-quality intellectual property service providers nationwide.

The GDD government in Guangzhou, capital of Guangdong province, will provide hefty financial rewards for new IP agencies, their large contributions to the local economy, IP-collateralized loans, patent information analysis, and IP protection and training, according to an incentive policy released in May. It is designed to attract high-level professionals in the IP service sector.

The policy is a key move after the Sino-Singapore Guangzhou Knowledge City was designated as a national experimental zone for conducting comprehensive reforms on IP use and protection by the State Council, China's Cabinet, last July. The first of its kind in the country, the area is situated in the GDD.

If an IP service institute or agency is to contribute at least 500,000 yuan ($73,664) a year to the local economy and report a 10 percent rise in annual business revenue, it will be rewarded with up to 10 million yuan, Zhong Zi, an official at the GDD IP office, said at a promotional event in Beijing on Tuesday.

To boost transactions of patents, copyrights and trademarks, the authorities have decided to reward IP market operators with the equivalent of 1 percent of each deal and an IP assessment institution with 20 percent of each deal.

If companies in the GDD industrialize the core patented technologies locally after their purchase from higher learning institutes or research centers, the GDD government will subsidize 20 percent of their technological contracts.

To facilitate IP-collateralized loans, the government has pledged to pay the bills for related assessments, guarantees and insurance.

One of the earliest national economic and technological development zones, the GDD was founded in 1984 in eastern Guangzhou. It has long ranked among the top three of its 200 peers nationwide in terms of its comprehensive strength, said Liu Shi, head of the IP office.

Home to a wealth of high-tech businesses, including intelligent equipment and machines, robotics and biopharmaceuticals, the GDD contributes nearly 40 percent of the annual output value of Guangzhou's manufacturing sector and approximately 70 percent of the city's high-tech industry in yearly revenue, Liu said.

Construction on a new subway is expected to begin in the Sino-Singapore Guangzhou Knowledge City next year. After it is complete, it will take less than eight minutes to reach the city's airport via the non-stop line, he added.