(CFP Photo)

The Jiangsu provincial government has recently announced an action plan for patent commercialization and application to boost innovation-driven development.

By 2025, Jiangsu aims to establish a patent commercialization and application system characterized by efficient resource allocation, a vibrant factor market, ample supporting services, and a sound benefit-sharing mechanism.

At universities and scientific research institutes, patent commercialization rate is expected to be significantly increased. It is hoped that the turnover of patent technology contracts provincewide can reach 80 billion yuan by 2025, and the output of patent-intensive industries can account for 17% of the province’s GDP.

Jiangsu will support universities and scientific research institutes to improve a tiered management system covering the entire patent lifecycle, conduct a comprehensive inventory and evaluation of valid patents, select and catalogue patents with potential market value in a database.

Efforts will also be made to leverage new technologies such as big data and artificial intelligence, to match patents with small and medium-sized enterprises. This work of patent review, selection, registration and matchmaking is to be completed by the end of this year.

Furthermore, the province will work to overcome institutional barriers in managing technological achievements and supervising state assets, therefore enhancing researchers’ innovation vitality and promoting patent commercialization and application.

The province also plans to establish intellectual property service centers for enterprises planning to go public.