NW China's Xinjiang sees booming patent licensing in H1

Northwest China's Xinjiang Uygur Autonomous Region reported surging patent licensing in the first half of 2020 as enhanced intellectual property rights (IPR) protection continues to boost innovation.

A total of 6,011 patent licenses were issued in H1, spiking 51 percent year on year, according to the region's IPR authority.

Xinjiang has stepped up IPR protection in recent years to promote innovation and foster economic growth that could help reduce poverty. Over half of the patent applications last year were filed by enterprises.

The IPR boom led to soaring IP pledge financing, with its total loans reaching 246 million yuan (about 35.5 million U.S. dollars) in the first seven months of this year, up over 200 percent year on year.