BEIJING -- China will strengthen the use of intellectual property (IP) as a financing tool to support micro, small and medium-sized enterprises (MSMEs) affected by the COVID-19 epidemic, the National Intellectual Property Administration has announced.

Due to the impact of COVID-19, many MSMEs are confronted with problems such as short supply of raw materials, reduced market orders and increased financial pressure.

In a statement, the administration noted that a series of measures to facilitate IP pledge financing should be carried out to enable more MSMEs to pledge their IP rights in return for funding, so as to tackle their financial issues.

For special industries that are heavily affected by the epidemic, such as catering and tourism, the notice also emphasized giving full play to trademark pledge financing, to investigate the financing needs of such industries and to accelerate the lending process.