Taiyuan, the capital city of North China's Shanxi province, was selected as a key city for the construction of an intellectual property (IP) services system in 2020 and will receive financial support of 150 million yuan ($21.07 million) from the central government, according to National Intellectual Property Administration on May 29.  

Officials said Taiyuan will establish and develop a working mechanism for IP leading industrial development, support innovative entities to improve their IP applications capabilities, expand its IP financial services and build high-level IP services industrial clusters – as required by the Ministry of Finance and the National Intellectual Property Administration.

They said that over the next three years, the city will move to ensure an annual average increase of more than 20 percent in the number of IP transfers and IP licenses and realize an annual average increase of at least 30 percent in the amount of IP pledge financing and the number of IP projects. 

Officials said that in addition, the added value of patent-intensive industries and the output value of the geographical indication products in Taiyuan would be increased significantly.