China Passes New Trademark Law
Source : AG-IP News
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BEIJING - The Standing Committee of the National People's Congress of China passed a new trademark law to crack down on infringements and ensure a fair market for trademark holders.
The new law provides protection for famous trademarks, giving trademark owners the right to ban others from registering their trademarks or using similar ones. The law also changed clauses regarding the examination period of applications for trademark registration to make it more efficient.
Furthermore, the law adopts the principle of good faith during the registration and use of trademarks. Infringement of the trademark rights of others could result in fines worth five times the sales volume resulting from illegal business.
The new law will go into effect on May 1, 2014, noting that China adopted its Trademark Law in 1982 and made amendments in 1993 and 2001.