OREANDA-NEWS. The International Exchange of Intellectual Property Rights has appeared in the southern Chinese province of Hainan. The new structure, called IPEH (IP International Exchange of Hainan), said the information resource "Nanhaiwan", located in the administrative center of the province of Haikou.

It should become the largest intellectual property rights trading platform in China. In the next five years, the total trading turnover on the exchange is expected to exceed 1 trillion yuan (about $ 143 billion).

According to the head of the provincial financial supervision and administration department, Chen Yang, the exchange is designed to intensify cross-border trade in intellectual property rights, as well as attract more Chinese and foreign high-tech and innovative companies to the province. The site, he believes, can help modernize production and solve problems with financing small and medium enterprises in Hainan.

IPEH will become part of a large-scale project for the construction of a pilot free trade zone and a free port with Chinese characteristics in Hainan. Chinese President Xi Jinping announced its creation in April 2018 at the celebration of the 30th anniversary of the establishment of the island province and the Hainan Special Economic Zone.