China's trademark applications hit record high in 2017
BEIJING: China's trademark applications exceeded 5.7 million last year, up 55.7 percent year on year, both setting record highs. Most of the applications were made online as China has streamlined the trademark application process, according to the Administration for Industry and Commerce.
At the end of 2017, China had 14.92 million qualified registered trademarks, the most of any country worldwide. Thirty-seven Chinese brands made it into the top 500 global brands last year, an increase of 150 percent compared with 2013, according to the World Brand Lab.
China is also the third largest applicant for trademark registration in the international trademark alliance Madrid System with 4,810 applications in 2017, up 59.6 percent year on year, which shows the fast pace of Chinese firms expanding overseas. Meanwhile, with a string of encouraging data, China's economy kicked off 2018 on a positive note, adding to optimism among international financial institutions about the world's second-largest economy.
Although there remain downside risks, international banks believe China's growth is still outpacing that at the rest of the world and see opportunities from the improved economic structure. Financial market data at the beginning of the year pointed to strong investor sentiment. The country's biggest stock index staged a 10-day winning streak, the longest rally since a major market correction in mid-2015.
The Chinese currency, the yuan, also saw sustained strength this year, with its central parity rate firming to a 20month high against the US dollar on Jan 8.
Optimism over the year ahead seems to be gaining ground. JP Morgan China economist Zhu Haibin raised the China GDP forecast for 2018 from 6.5 percent to 6.7 percent earlier this month, citing an improved external demand outlook. "Our forecasts expect a stable contribution from consumption, as improved external conditions will support labor market conditions and hence household income growth," Zhu wrote in a note. Li Wei, an economist with Standard Chartered Bank, predicted that China's GDP will expand 6.5 percent in 2018, which he called "slower but steady growth".