China Development in Feb 2021: Sharing Economy, Patent, Garment Industry

Sharing economy

The State Information Center said that in 2020, amid challenges brought by COVID-19, new business modes featuring the sharing economy demonstrated tremendous resilience and development potential. The trade volume of the sharing economy for the year surged 2.9 percent year-on-year to 3.38 trillion yuan ($523.6 billion).

The pandemic’s influence on different areas of the sharing economy varied. The market volume of the sharing healthcare sector grew rapidly, with year-on-year growth of 27.8 percent. In contrast, the market volume of sharing accommodation, office-space and transportation dropped by 29.8 percent, 26 percent and 15.7 percent, respectively, because the areas required offline activities to complete a closed transaction loop.

International Patent

China has demonstrated strong capability in the international patent sector, with the number of patent filings expanding year-on-year and Chinese enterprises making world leading investments in R&D, greatly boosting the country’s tech-driven economic transformation, National Business Daily reported.

Nearly 59,000 patents were filed by China in 2019 via the World Intellectual Property Organization, surpassing the total filings of the United States, which held the top spot for more than four decades.

In the main category of WIPO’s system of registering international patents – the Patent Cooperation Treaty or PTC — Chinese telecom giant Huawei filed 4,411 applications, ranking first in the world for three consecutive years.

Smart phone makers OPPO, display panel manufacture BOE Technology and Pingan Technology Group also won spots in the top 10 list of international patent filers for 2019.

In the 2020 top 100 list for R&D investment globally, Chinese companies also took 10 spots, including Alibaba, Tencent, Baidu and ZTE, demonstrating China has played an indispensable role in world technological research and development, said National Business Daily.

Garment Industry

China’s garment industry registered lower profits and revenue in 2020, data from the Ministry of Industry and Information Technology showed.

Profits of the country’s major garment enterprises came in at 64.04 billion yuan ($9.9 billion) last year, down 21.3 percent year-on-year, the ministry said.

Meanwhile, the combined operating revenue of these companies fell 11.3 percent from a year ago to 1.37 trillion yuan.

The output of China’s garment sector reached 22.37 billion pieces in 2020, down 7.7 percent year-on-year, according to the ministry.

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