Its a Knockoff World. The impact of the current IP policies

It’s A Knockoff World
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It’s A Knockoff World
In the last five decades, China made a lot of progress. The nation has managed to rise from a least developed country to the second-largest economy in the world. According to IMF (2018), China’s GDP was $14.46 trillion, and with an annual growth of 6.6%. China, being the most populated country on earth, has great development potential. As a result, China has attracted enormous foreign direct investments. Since its economic reforms, China has attracted various multinational enterprises (MNEs) (Wu & Burge, 2018). At the same time, China aspires to be a global technology leader by the year 2050. China has faced criticism over the past few years for its inability to protect MNEs in the areas of intellectual property (IP). Nonetheless, China has made some progress to ensure that its IP policies protect the interests of MNEs.
The impact of the current IP policies
The Chinese government under the leadership of President Xi Jinping, encourages innovation and IP protection. The government seeks to establish a sound environment conducive for innovation to businesses including MNEs. China is ready for dialogue with participants to attain a win-win result in advancing the interests of MNEs doing business in the nation. China has made various changes to facilitate the protection of IP for businesses. Firstly, it has restructured the State Intellectual Property Office to facilitate friendly IP filing. The implementation of integrated systems has allowed efficient management of intellectual property. Additionally, China has undertaking changes aimed at reducing the fee for the application of IP rights. The changes have facilitated patent filing and maintenance in the country. MNEs in China are also assured of a shortened examination period for their applications. For instance, the shortening for the trademark registration period facilitates high-value applications from MNEs.
Furthermore, the current IP policies have enabled MNEs to enjoy stronger enforcement mechanisms. One of the challenges China has faced over the years has been the enforcement of intellectual property rights (Mercurio, 2012). MNEs have called for stricter enforcement of IP rights to enable their business to operate. In 2014, China responded by opening specialized IP courts. The government further invested in the training of attorneys and judges in technical areas. These courts have been instrumental in handling IP-related cases. This has enabled MNEs to demand the enforcement of their rights in the courts. Further, MNEs have been in a better position to benefit from their intellectual properties.
China versus other countries in IP protection of MNEs
Whereas China has over the years made considerabl...