Representatives of foreign dealers visit a production line at the TopCut-Bullmer Co., Ltd in Linhai, east China's Zhejiang Province, May 18, 2023.(Xinhua/Weng Xinyang)

Strict, law-based intellectual property (IP) protection and a fair business environment have attracted an increasing number of foreign enterprises to apply for and transform patents in China, the country's top IP regulator said on Thursday.

Shen Changyu, head of the National Intellectual Property Administration, made the remarks at a press conference on an action plan to promote patent transfers.

He cited data to demonstrate the confidence of foreign IP holders. From 2012 to September 2023, over 1.05 million foreign invention patents were granted in China, including 897,000 valid invention patents. In the first seven months of this year, China's imports and exports of IP royalties amounted to 223.8 billion yuan (about 30. 59 billion U.S. dollars), a year-on-year increase of 3.2 percent, with the import volume coming in at 175.17 billion yuan, up 2.8 percent year on year.

"These figures demonstrate foreign enterprises' recognition of China's IP protection work," Shen said.

He noted that China will step up efforts to address the concerns and demands of foreign enterprises, such as efforts to improve communication mechanisms, continue to provide equal IP protection for both domestic and foreign enterprises, and promote international cooperation on patented technologies.