Authorities in East China's Zhejiang province on 24 May issued a reform plan to further optimize the intellectual property insurance industry.

According to the plan, Zhejiang will put in place an intellectual property insurance policy support system and public service system by the end of 2022.

The plan is centered on four specific tasks: improving the entire supply chain for intellectual property insurance products, strengthening the innovation of comprehensive intellectual property insurance in key areas, improving the promotion mechanism of intellectual property insurance, and strengthening the support system for intellectual property insurance services.

Five innovative intellectual property insurance products were also released to promote the innovation of comprehensive insurance products in the area of international trade.

In addition, the Zhejiang Intellectual Property Insurance Innovation Support Center was officially unveiled. The center, which conducts theoretical policy research on intellectual property insurance, provides actuarial data and expert support for insurance companies to develop intellectual property insurance products. It also tracks and evaluates the operation and impact of insurance products.