543. China would like to thank the co-sponsors for their consistent efforts in pushing forward the discussion on IP and innovation. We have fully recognized the challenges faced by start-ups due to their limitation in scale, assets and other aspects. The discussion on this topic would contribute to the exchanges among Members. China would like to share our practices as well.
544. First of all, China has been continually improving the IP-related financing legal system, in particular, for example, the stipulations and provisions on the pledge of IPRs by the Civil Code of the People's Republic of China; and the measures for the Registration of Pledge of Patent Rights, etc. All these regulations have formed a solid legal and institutional basis for IP financing to facilitate the commercialization of IPs.
545. The second is about IP insurance. China National Intellectual Property Administration has carried out wide cooperation with insurance institutions in optimizing IP insurance products, services and business models. By now, there have been 4 categories of insurance, namely liability insurance, guarantee insurance, credit insurance and expense compensation insurance, covering patent, trademark and other IP types. Moreover, China is seeking to widen the financing channels of start-ups through a new method called 'direct investment of insurance capital', so as to support their innovation and development.
546. The third is our efforts in strengthening IP assessment services. With Asset Appraisal Law of the People's Republic of China as the legal basis, China has established an evaluation system of IP intangible assets, which includes basic standards and specific standards for asset appraisal, as well as guidelines for IP asset appraisal. In this manner, the reliability of IP asset appraisal could be further improved.
547. There are a large number of MEMEs in China, lots of them being starts-up. The guiding questions raised by the co-sponsors point out a direction for in-depth research and discussion. We would like to listen to Members' experiences so as to further the discussion in the future.