China's First Tourist Trademark Auction Badly Attended

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Last updated at: (Beijing Time) Thursday, February 21, 2002

China's First Tourist Trademark Auction Badly Attended

China's first tourist trademark auction was badly attended earlier this month, as the trademark of "Baiyuezhuangdu" was finally announced to be withdrawn from the selling. The failure lies in the fact that trademarks are hardly seen as something safe enough to be a mortgage, so they are difficult to be transferred freely.

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Tourist trademark auction failed

China's first tourist trademark auction was badly attended earlier this month, as the trademark of "Baiyuezhuangdu" was finally announced to be withdrawn from the selling.

The floor price of the trademark for tourist spots in southwest China's Guangxi Zhuang Autonomous Region started at 60 million yuan.

"The price is too high, which should be attributed to the failure of the country's first tourist trademark auction," said the Li Shaoning, the auctioneer.

He said that China's trademark auction still needs some time to go mature.

"Trademarks are hardly seen as something safe enough to be a mortgage, so they are difficult to be transferred freely," Li said.

Related law systems needed to set up

Xie Xin, owner of the trademark and also chairman of the board of the Baiyuezhuangdu Tourist Development Co. Ltd., said that the transfer of intellectual property rights will become active as the related laws and operating systems are established.

The environment is turning more and more favorable for the purpose. The number of China's trademark registration now leads the world's level, and China's new trademark law amended in December last year further improves the protection of trademark ownership right, an official with the State Intellectual Property Office said.

Some 270,000 trademarks were registered in China last year, setting a world record.

Ma Lianyuan, deputy d irector of the State Intellectual Property Office, said that it is the second time that China has set a record in the number of trademark registrations. The first time was in the year 2000.

He said that by the end of 2001, the number of valid registeredtrademarks in China totalled 1.45 million, nearly equal to the number registered in the United States, and in Japan.

According to the deputy director, the country has improved its regulations and tightened supervision of illegal trademark activities. Nearly 38,000 cases were handled last year.

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