China moves to improve social credit system

China's National Development and Reform Commission on Tuesday unveiled a plan to further develop the country's social credit system. According to the plan, the country will accelerate legislation related to the social credit system while regulating the procedures for utilizing credit

information. Local financing credit service platforms will be further integrated, with greater efforts to guarantee safer flows of public data as well as stronger protection of privacy and business secrets. A standardized and reliable credit record mechanism will be introduced for business registration, legal services, taxation, customs, finance, and intellectual property rights...

China approves market entry of 21 medicines for children

China's National Medical Products Administration on Saturday announ-ced that it has approved the market entry of 21 medicines for children this year, with about a third being prioritized for accelerated entry. In recent years, the administration has stepped up its policy support for

the research and development (R&D), approval and production of medicines for children, resulting in market entry approvals for an increasing number of drugs. Statistics show that since 2019, the administration has approved 271 medicines for children. It has pledged to implement greater preferential policies to facilitate the review and approval of medicines for children, and to intensify the protection of related intellectual property rights. It has also pledged efforts to provide more technological guidance to R&D companies, ensuring special requirements such as safety and suitability for children are taken into full consideration in R&D processes...

Shanghai aims to continue to mark itself as intellectual property city

Shanghai will continue to deepen the implementation of its outline for building a strong intellectual property city and focus on putting the municipality at the international forefront of IP protection, providing powerful IP support for various enterprises, including foreign-funded

ones, to invest and develop, said a senior official of the Shanghai Intellectual Property Administration on Thursday. Focuses of IP protection in the city for the upcoming year will include improving IP governance capacity and continuously optimizing the city's IP protection system, said Yu Chen, deputy director of the administration, when briefing the city's IP development for the past year to consular officers from more than 20 countries in Shanghai. "Focuses will also include strengthening IP public service and enhancing IP cooperation to support development of various businesses and the sustained release of the city's innovation vitality," said Yu during the event, which was also attended by representatives from foreign chambers of commerce, foreign investment associations, foreign-funded enterprises and universities...

Foreign enterprises tap into China’s evolving market

Foreign investors are intensifying their presence in China by opening new stores, launching innovative products, signing more cooperation contracts, and building production plants and R&D centers. In the first four months of 2024, the number of newly established foreign-invested

enterprises in China rose 19.2 percent year-on-year to 16,805, data from the Ministry of Commerce shows. A survey of more than 600 foreign-funded companies shows that over 70 percent of them are optimistic about the development prospects of the Chinese market over the next five years, and more than 50 percent believe the Chinese market has become more attractive, according to the China Council for the Promotion of International Trade. The robust recovery of the Chinese economy, combined with the country's ever-improving business environment, has increasingly drawn the attention of foreign-invested companies, as they actively seek out new growth opportunities...