The 2023 Guangdong-Hong Kong-Macao Greater Bay Area High Value Patent Promotion Competition began in Guangzhou on Aug 14.

The competition featured 50 gold, silver, and excellence awards and total prize money worth 3.95 million yuan ($541,400).

The annual event was founded in 2019 and focuses on patents related to information technology, high-end equipment manufacturing, green and low-carbon industries, biological medicine, the digital economy, and other sectors of strategic importance.

Over the past four years, a total of 2,699 high-value patents from across the country have taken part in the competition. The organizers have also explored a path of cultivating high-value patents during this time, making standard regulations related to the work of the provincial-level government.

The patents taking part in the competition can enjoy the support of some local governments in the Greater Bay Area through their pro-innovation and pro-business policies. The Guangdong province has also earmarked 20 intellectual property rights management centers and 20 key, city-level industrial parks to facilitate the industrialization and commercialization of these patents.