According to reports, the number of US grant patents for mainland companies in China has increased by 34 percent in 2019. This is being reported as one of the strongest growth among the major economies. The patent filings hit an all-time high in the US in 2019.
Reports released on Tuesday by IFI Claims, a New Haven-based patent service, around 333,530 patents were granted which is an increase from last year by 15 percent.
Patents from Chinese mainland companies went up from 12,599 to 16,900, registering a 34.14 percent increase. The patents from US companies rose by 15.95 percent, making the second-fastest increase.
Larry Cady, IFI Claims senior analyst, told Xinhua that China has been the fastest-growing area for a number of years and those patents filed are mainly in the technology sector.
According to the report, the US holds a 49 per cent share of US patents granted in 2019, followed by Japan and South Korea. China moved up to a 5 per cent share to rank the fourth place, surpassing Germany for the first time.
Two Chinese mainland companies are in the Top 15 this year. Huawei went up six places to 10 while BOE Technology went up four places to 13.
It has revealed that the Chinese companies are optimistic that the trade disputes between two countries can be resolved finally so they can tap into the US market, according to Cady.
Among the Top 10 Fastest Growing Technologies in terms of US patent growth are CRISPR technology, creating new hybrid plants, dashboards (mostly related to automobiles), 3D printing, and medicinal preparations (especially cancer therapies), according to the report.
(With agency inputs)