Shenzhen and Hong Kong Collaborate on the Promulgation of 16 Measures for the Creation of an Intellectual Property and Innovation Hub

SHENZHEN, China, Feb. 27, 2023 /PRNewswire/ -- The 16 Co-operation Measures for the Development of the Qianhai Shenzhen-Hong Kong Intellectual Property and Innovation Hub (16 Measures), jointly promulgated by the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen Municipality and the Commerce and Economic Development Bureau of the Government of the Hong Kong Special Administrative Region, became effective on February 23. This move not only signifies an upgraded level of cooperation between Shenzhen and Hong Kong in the area of intellectual property (IP), but also marks Qianhai's advanced steps towards both the "construction of a primary-choice location for Hong Kong's integration into national development" and an intellectual property and innovation hub.

It is understood that the 16 Measures cover initiatives in four key areas: promoting the harmonization of IP rules and systems between Shenzhen and Hong Kong, supporting the exploitation and transformation of Hong Kong's IP in Qianhai, fostering cross-boundary IP services, and developing the Qianhai Shenzhen-Hong Kong IP and Innovation Hub. Under the 16 Measures, any technology transfer center, jointly set up by a leading company and a Hong Kong University or R&D center, will be subsidized with 50% of the actual operational expenses (up to 1 million yuan per year). Additionally, any Hong Kong or international IP service provider who settles in Qianhai will be entitled to a subsidy of up to 2 million yuan.

Some analysts say that the 16 Measures will effectively assist Hong Kong IP service providers to tap the mainland market by utilizing Qianhai as a "bridgehead". Also of note, the IP industry businesses already in Qianhai could draw on Hong Kong's unique advantages and platforms to connect with international markets and accelerate their own development.

Victor YANG, President and CEO of Purplevine IP Group (Shenzhen) Co, Ltd., said that the 16 Measures are likely to accelerate the process of Qianhai businesses establishing themselves in this area.

Victor characterizes the 16 Measures as forward-looking, and that they embody a broader perspective. One of the important guiding directions is to encourage and support IP operations, which enables the value of IPs to be greater reflected in the marketplace. The 16 Measures provide highly targeted initiatives. "Through unified design of top-level systems and rules, the 'isolated island' has been connected." The establishment of an IP and innovation hub in Qianhai that is connected with Shenzhen, Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and effectively to the rest of the world, will solve the issue of connecting and clustering services, resulting in increased efficiency. The new hub will attract essential talent to meet the demands for IP service professionals specialized in law, technology, finance, business, etc.

Statistics show that in 2022, Qianhai businesses obtained 21,742 new patent authorizations, submitted 762 PCT applications, and owned 11,864 valid invention patents. A holistic protection system, covering judicial, administrative, arbitration, notary, and legal services related to intellectual property is taking shape in Qianhai.

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