The Lin-gang Special Area in Shanghai issued a raft of 18 policies to support intellectual property, or IP, creation, applications, management and protection services on Dec 21.

To boost local IP, the area is offering financial incentives to projects that have filled out international patent applications under the Patent Cooperation Treaty, or PCT and that have been  granted foreign patents after examinations by various agencies.

The area is subsidizing 50 percent of an IP project's fees, to a limit of 20,000 yuan ($3,152).

In addition, winners of the China Patent Award – the highest award in the field of patents in China – are expected to be awarded 100,000 yuan to 500,000 yuan in grants.

The area has also rolled out seven initiatives to bolster IP applications. High-value patents in the cutting-edge technology industry, during a share market listing or a corporate merger, will be prioritized to receive benefits from the area's financial support policies.

Enterprises operating in the region are expected to promote their IP management, by setting up independent IP departments offering specialist services.

It is understood that the Lin-gang Special Area will subsidize – to a maximum of 200,000 yuan and 300,000 yuan – pilot companies and demonstration units that pass inspections of IP management in Shanghai.

What's more, the area is aiming to provide better services to the IP sector and its practitioners. Social IP associations that are established in the Lin-gang Special Area and provide IP services to resident businesses can get a maximum grant of 500,000 yuan.