(CFP Photo)

The Jiangsu Provincial Intellectual Property Administration has announced a range of measures to support economic recovery and quality growth.

Jiangsu will allocate a special fund of 185 million yuan in 2023 to help build demonstration zones for intellectual property rights (IPR) protection, nurture high-value patents, strengthen the cultivation and protection of trademarks and brands, and promote the patent transfer and commercialization.

Focusing on the needs of market players, the measures give priority to ten areas such as opening a fast-track patent approval in key industries, enhancing financial services, and expanding trainings for enterprises.

Among the measures, Jiangsu will establish a risk compensation mechanism to support financing that uses IPR as the pledge, guide financial institutions to provide no less than 50 billion yuan of IPR loans to SMEs, and also improve the efficiency of patent application examination.

In addition, high-end talent will be selected to help key players in industry chain innovation. Jiangsu also plans to provide 24 free training sessions on IPR for SMEs.