CHINESE

People walk past a Xiaomi store in Shenyang
FILE PHOTO: People walk past a Xiaomi store in Shenyang, Liaoning province, China June 12, 2018. REUTERS/Stringer

March 19, 2019

SHANGHAI (Reuters) – Chinese smartphone maker Xiaomi Corp said on Tuesday its fourth-quarter net profit more than tripled to 1.85 billion yuan ($275.59 million), on stronger revenue.

That profit exceeded the 1.7 billion yuan average estimate of 10 analysts, according to Refinitiv data.

Revenue for the period increased 27 percent to 44.4 billion yuan, lower than the 47.4 billion yuan average estimate of 13 analysts, according to Refinitiv data.

For the full 2018 calendar year, Xiaomi brought in revenue of 174.9 billion yuan and made a net profit of 8.6 billion yuan.

This marks the third set of financial results for the company since its IPO in Hong Kong. Xiaomi shares have rallied nearly 30 percent since early January, though they remain well below their July listing price.

(Reporting by Josh Horwitz; Editing by Muralikumar Anantharaman)

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Italian Prime Minister Giuseppe Conte and Deputy Prime Minister Matteo Salvini present plans on how the 500th anniversary of Renaissance master Leonardo da Vinci's death will be marked in Italy, in Rome
FILE PHOTO: Italian Prime Minister Giuseppe Conte presents plans on how the 500th anniversary of Renaissance master Leonardo da Vinci’s death will be marked in Italy, in Rome, Italy March 13, 2019. REUTERS/Yara Nardi

March 19, 2019

ROME (Reuters) – Italian Prime Minister Giuseppe Conte said on Tuesday that commercial and economic deals he will seal with China have no implications for Italy’s geo-political position, in a bid to reassure the European Union and the United States.

Conte told parliament that a Memorandum of Understanding to be signed with President Xi Jinping hooking Italy up to China’s Belt and Road infrastructure initiative “do not remotely put into doubt our euro-Atlantic alliance”.

The United States has warned Italy against signing the MOU on what it calls a Chinese “vanity project”, but Conte, speaking ahead of an upcoming EU summit, left no doubt that the deal would go ahead.

The MOU “is fully in line with the strategy of the EU and in fact it promotes it as no other member state has done so far in its dealings with Beijing,” he said.

(Reporting by Giuseppe Conte, writing by Gavin Jones; editing by Agnieszka Flak)

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An exterior view of China Evergrande Centre in Hong Kong
FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. Picture taken March 26, 2018. REUTERS/Bobby Yip

March 19, 2019

BEIJING (Reuters) – Chinese property firm Evergrande Group will start producing its first electric vehicles in June as part of a goal to become the world’s largest new energy vehicle (NEV) company within the next three to five years, according to its chairman.

Hui Ka Yan made the comments at a conference in the eastern city of Tianjin over the weekend, according to a statement published on the company’s website on Tuesday.

“The new energy automobile industry has a huge market prospect. Evergrande has completed the entire industrial chain layout in the field of new energy vehicles,” Hui said.

He also said that Evergrande plans to start selling its first electric vehicle model globally “soon”, which will use electric car production technology from Swedish car makers Saab and Koenigsegg, and drive systems from Netherlands’ e-Traction, according to the statement.

Evergrande, China’s second-largest property developer by sales, has been aggressively expanding into the automotive space in search of new areas of growth as the Chinese property market slows.

Its subsidiary, Evergrande Health, invested in vehicle manufacturer National Electric Vehicle Sweden AB and Chinese auto battery maker Shanghai CENAT New Energy Co this year. It is also the majority investor in Swedish super car brand Koenigsegg.

Not all of its investments have gone smoothly, however.

Last year, Evergrande Health bought 45 percent of Chinese electric vehicle firm Faraday Future as part of a $2 billion plan but the deal eventually turned sour. The companies have since ended their legal fight.

Sales of NEV vehicles have remained a bright spot in China’s car market, jumping 61.7 percent in 2018 to 1.3 million vehicles even as the overall car market contracted for the first time since the 1990s. China’s biggest auto industry association predicts NEV sales to hit 1.6 million this year.

(Reporting by Yilei Sun and Brenda Goh; Editing by Muralikumar Anantharaman)

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A journalist uses his mobile phone to take a picture of the 5G logo prior to the auction of spectrum for 5G services at the Bundesnetzagentur head quarters in Mainz
A journalist uses his mobile phone to take a picture of the 5G logo prior to the auction of spectrum for 5G services at the Bundesnetzagentur head quarters in Mainz, Germany, March 19, 2019. REUTERS/Kai Pfaffenbach

March 19, 2019

MAINZ, Germany (Reuters) – Germany launched its 5G mobile spectrum auction on Tuesday, finally going ahead after a court threw out legal challenges and regulators resisted U.S. pressure to ban Chinese network vendors from building out next-generation networks.

Four firms are vying for 41 blocks of spectrum in the 2 GHz and 3.6 GHz bands that are suited to running ‘connected’ factories – a priority for Europe’s largest economy as it seeks to remain competitive in the digital age.

“It is important for us that we have a focus on industry, and on better coverage,” Jochen Homann, head of the Federal Network Agency (BNetzA) said ahead of the auction.

Germany’s three network operators – Deutsche Telekom, Vodafone and Telefonica Deutschland – have been admitted into the auction.

Also participating is 1&1 Drillisch, a virtual mobile operator controlled by United Internet that wants to run a fourth network.

Bid teams surrendered their smartphones on entering the former army barracks in the southwestern city of Mainz where the auction is being held. They are bidding via a secure network from separate rooms and can only discuss strategy with their head offices via fax.

All 41 blocks will be auctioned simultaneously, with results posted online after each round. The government hopes to raise billions from the auction – a 4G auction in 2015 collected 5.1 billion euros ($5.8 billion) – which is likely to go on for weeks.

After months of uncertainty, the auction went ahead after a court last week threw out lawsuits from the operators, who had complained that a requirement to provide high-speed coverage to 98 percent of households by 2022 was too onerous.

Regulators also clarified ground rules applying to network equipment vendors following U.S. pressure on its allies to ban China’s Huawei Technologies on national security grounds.

Germany opted instead to impose tighter compliance requirements on all vendors, creating a level playing field and allaying the concerns of the operators – all of which already use Huawei equipment – that they would have to replace parts of their networks at great expense.

“The same rules apply, whether you are from Sweden or China,” Homann told reporters.

(Reporting by Douglas Busvine; Editing by Kirsten Donovan)

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An employee of Germany's Federal Network Agency (Bundesnetzagentur) uses his mobile phone in front of a screen set up for the auction of spectrum for 5G services at the Bundesnetzagentur headquarters in Mainz
An employee of Germany’s Federal Network Agency (Bundesnetzagentur) uses his mobile phone in front of a screen set up for the auction of spectrum for 5G services at the Bundesnetzagentur headquarters in Mainz, Germany, March 18, 2019. REUTERS/Kai Pfaffenbach

March 19, 2019

By Douglas Busvine

MAINZ, Germany (Reuters) – Germany begins an auction of spectrum for next-generation 5G mobile networks on Tuesday, the outcome of which will play a decisive role in determining whether Europe’s largest economy remains competitive in the digital age.

It nearly didn’t happen: a raft of lawsuits brought by network operators was thrown out by a court only last week. The buildup has also been overshadowed by U.S. pressure on its allies to bar Chinese vendors from participating in building 5G networks due to national security fears.

In the end, regulators preferred to draft tougher rules for all vendors rather than meet the U.S. demand to banish China’s Huawei Technologies, the global network market leader.

Here’s an overview of how the auction will work:

WHAT IS BEING AUCTIONED?

Germany’s Federal Network Agency (BNetzA) is auctioning off 41 blocks of spectrum in the 2 GHz and 3.6 GHz bands.

These frequencies have relatively short range and high data-carrying capacity, suiting them to use in running ‘connected’ factories – an industrial policy priority.

Urban areas should get 5G coverage early, with another application likely to be super-fast domestic wireless broadband.

WHO’S TAKING PART?

Germany’s three network operators – Deutsche Telekom, Vodafone and Telefonica Deutschland – have been admitted into the auction.

Also participating is 1&1 Drillisch, a virtual mobile operator controlled by United Internet that wants to run a fourth network.

The Big Three filed lawsuits to delay the auction, arguing that its requirement to provide high-speed coverage to 98 percent of households by 2022 was too onerous. They also criticized rules for network sharing, arguing they would make life too easy for new market entrants.

The Cologne Administrative Court threw out those lawsuits on Friday. Outstanding litigation may yet lead to the results of the auction being reviewed, although BNetzA says it is on firm legal ground.

HOW MUCH MONEY WILL THE AUCTION RAISE?

BNetzA has declined to forecast proceeds but the federal government hopes to raise several billion euros – money it will reinvest in upgrading Germany’s broadband networks.

The last auction in 2015, for 4G frequencies, raised 5.1 billion euros ($5.8 billion). Back in 2000, a 3G auction raised more than 50 billion euros – a ruinous sum that forced some players out of the market and others to merge.

HOW WILL IT WORK?

The auction is being held in old army barracks in the south-western city of Mainz. Bid teams will have to surrender their phones when they enter. They will submit offers from separate rooms via a secure network, and can only seek guidance via fax from their head offices.

All 41 blocks will be auctioned simultaneously and results will be published online https://www.bundesnetzagentur.de/DE/Sachgebiete/Telekommunikation/Unternehmen_Institutionen/Frequenzen/OeffentlicheNetze/Mobilfunknetze/mobilfunknetze-node.html after each round. Minimum bids range between 1.7 million and 5 million euros and total 104.6 million euros. The process ends when no fresh bids are entered.

Based on past experience, the auction could run for weeks – a previous one in 2010 lasted six weeks.

WHAT ABOUT U.S. CALLS TO SHUT OUT CHINESE VENDORS?

Germany resisted calls from the United States to shut Chinese network vendors out of its 5G buildout due to national security concerns.

Instead of banning Huawei outright, regulators have tightened rules on all network vendors. These won’t bid in the auction but will be key partners in upgrading network infrastructure.

WHAT ABOUT OTHER EUROPEAN AUCTIONS?

Several countries – among them Ireland, Finland, Italy, Switzerland and Austria – have already auctioned 5G spectrum. Most have been low-key affairs, with only modest sums raised because the sales were designed to leave operators with money left over to invest in network upgrades.

The exception was Italy, where frenzied bidding last year raised 6.5 billion euros for the cash-strapped government but left operators financially stretched.

Countries like France have yet to hold 5G auctions, leaving Europe as a whole lagging early adopters like the United States, Japan and Korea.

($1 = 0.8818 euros)

(Reporting by Douglas Busvine; Editing by Kirsten Donovan)

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FILE PHOTO: Intel logo is seen behind LED lights in this illustration
FILE PHOTO: Intel logo is seen behind LED lights in this illustration taken January 5, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

March 19, 2019

By Tova Cohen and Steven Scheer

TEL AVIV (Reuters) – Israel’s exports of computer chips to China soared last year as Chinese companies bought more semiconductors made at Intel’s Kiryat Gat plant.

An official at the Israel Export Institute told Reuters that new data showed semiconductor exports to China jumped 80 percent last year to $2.6 billion. An industry source told Reuters that Intel Israel accounted for at least 80 percent of those sales.

The data will be welcome news for the Israeli government as it pushes for deeper ties with China and because semiconductors accounted for $3.9 billion of overall goods exports in 2018, according to the institute, a government agency.

The two countries have started negotiating a trade deal and technology is expected to be a major part of the discussions. Overall exports of Israeli goods to China, excluding diamonds, rose 50 percent to $4.7 billion, statistics.

Intel announced a $5 billion investment to expand capacity in its Kiryat Gat plant in southern Israel in 2017, which makes some of the smallest and fastest chips in the world.

That year it also bought Israeli auto-focused chip and technology firm Mobileye for $15 billion. It said this year it would invest $11 billion in a new Israeli plant.

A spokesman for Intel said the firm exported $3.9 billion worth of goods from Israel last year, up from $3.6 billion in 2017. He declined to give further details of Intel’s operations in Israel.

Chinese officials have said they are looking to develop a domestic chip market because Chinese companies import $270 billion of semiconductors each year. Israel has a reputation for exporting high-end chips.

Israel’s export institute also said sales to China of inspection equipment for semiconductor manufacturing jumped 64 percent to $450 million last year.

That equipment is used to control and inspect manufacturing processes in semiconductor plants and is useful for China as its domestic chip manufacturing increases.

Companies in Israel making such equipment include Orbotech, which was just acquired by fellow semiconductor equipment maker KLA-Tencor of California for about $3.4 billion.

That deal was announced a year ago but was held up by Chinese regulators, who only gave their approval in February.

PIVOT TO ASIA

China is now Israel’s second largest export market for goods after the United States, having overtaken Britain last year.

Sales of semiconductors to the United States slipped 20 percent to $860 million, contributing to a 3 percent drop in goods exports. But at $10.9 billion, overall goods exports still dwarf those to China.

Israel has been pivoting its economy toward Asia in the past few years both because of perceived political hostility in some European countries and the fact that Asian markets are growing rapidly.

In recent years, Chinese-based airlines have started direct flights to Tel Aviv, the two countries signed a visa agreement and are working on the trade deal. Israel is also in talks for free trade agreements with Vietnam and South Korea.

Some analysts in China expect the ties to get stronger due to the tit-for-tat trade war between the United States, a major chip producer, and China.

“Because of the trade war, China and Israel’s cooperation is closer than it has been before,” said Gu Wenjun, chief analyst at ICWise, a semiconductor consultancy in Shanghai.

“Israel has the technology and China has the market – the space for cooperation is big.”

Eyal Waldman, founder and CEO of Israeli chipmaker Mellanox, said his company was benefiting from China’s policies.

“In China they prefer to use Chinese silicon and then after that non-U.S. silicon and only if they don’t have that then U.S. silicon, so we are benefiting from that,” he told Reuters.

“We are seeing better growth in China.”

Mellanox agreed this week to sell itself to California-based chipmaker Nvidia Corp for almost $7 billion. Intel lost the bidding war to Nvidia. Russell Ellwanger, the CEO of another major chip manufacturer TowerJazz, said his company’s growth in China “is very, very strong”.

(Additional reporting by Josh Horwitz in Shanghai and Stephen Nellis in San Francisco; editing by Anna Willard)

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Pakistani Prime Minister Imran Khan and China's Premier Li Keqiang leave after a signing ceremony in Beijing
Pakistani Prime Minister Imran Khan (L) and China’s Premier Li Keqiang leave after a signing ceremony at the Great Hall of the People in Beijing, China, November 3, 2018. REUTERS/Jason Lee/Pool

March 19, 2019

BEIJING (Reuters) – China played a “constructive role” in reducing tension between Pakistan and India, the foreign ministry said, after the nuclear-armed rivals almost came to blows last month following an attack on an Indian paramilitary convoy in disputed Kashmir.

The sparring threatened to spiral out of control and only interventions by U.S. officials, including National Security Adviser John Bolton, headed off a bigger conflict, five sources familiar with the events have told Reuters.

At one stage, India threatened to fire at least six missiles at Pakistan, and Islamabad said it would respond with its own missile strikes “three times over”, said Western diplomats and government sources in New Delhi, Islamabad and Washington.

A Pakistani minister said China and the United Arab Emirates also intervened to lessen tension between the south Asian neighbors.

In a faxed statement to Reuters late on Monday, responding to a question on China’s role in reining in the crisis, its foreign ministry said peaceful coexistence between Pakistan and India was in everyone’s interest.

“As a friendly neighbor of both India and Pakistan, China pro-actively promoted peace talks and played a constructive role in easing the tense situation,” it said.

“Some other countries also made positive efforts in this regard,” the ministry added.

China is willing to work with the international community to continue to encourage the neighbors to meet each other half way and use dialogue and peaceful means to resolve differences, it said, without elaborating.

The Chinese government’s top diplomat, State Councillor Wang Yi, is set to meet Pakistan Foreign Minister Shah Mahmood Qureshi in Beijing later on Tuesday.

The Feb. 14 attack that killed at least 40 paramilitary police was the deadliest in Kashmir’s 30-year-long insurgency, escalating tension between the neighbors, who said they shot down each other’s fighter jets late last month.

China and Pakistan call each other “all-weather” friends, but China has also been trying to improve ties with New Delhi.

Indian Prime Minister Narendra Modi and Chinese President Xi Jinping held an informal summit in China last year agreeing to reset relations, and Xi is expected to visit India sometime this year, diplomatic sources say.

(Reporting by Ben Blanchard; Editing by Clarence Fernandez)

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FILE PHOTO: China's President Xi Jinping visits Portugal
FILE PHOTO: China’s President Xi Jinping attends a meeting with Portugal’s Parliamentary President Eduardo Ferro Rodrigues at the Parliament in Lisbon, Portugal, December 5, 2018. REUTERS/Pedro Nunes/File Photo

March 19, 2019

BEIJING (Reuters) – Chinese educators must respond to “false ideas and thoughts” when teaching political and ideological classes, President Xi Jinping said, in a sensitive year that marks the 30th anniversary of student-led protests around Tiananmen Square.

Beijing has campaigned against the spread of “Western values” in education, especially at universities, and the ruling Communist Party’s anti-corruption watchdog has sent inspectors to monitor teachers for “improper” remarks in class.

Addressing a symposium for teachers of ideological and political theory in Beijing, Xi said the party must nurture generations of talent to support its leadership and China’s socialist system, state media said late on Monday.

“It is essential to gradually open and upgrade ideological and political theory courses in primary, secondary and tertiary schools, which is an important guarantee for training future generations who are well-prepared to join the socialist cause,” media paraphrased Xi as saying.

“Ideological and political courses should deliver the country’s mainstream ideology and directly respond to false ideas and thoughts,” Xi added. The report did not elaborate.

The government has previously admitted that political education for university students was outdated and unfashionable, though the education minister said last year this problem had been fixed.

Xi alluded to that in his comments.

“We are fully confident of and capable of running ideological and political theory courses better,” he said.

“Thought on socialism with Chinese characteristics for a new era should be used to educate people and guide students to strengthen their confidence in the path, theory, system, and culture of socialism with Chinese characteristics and to boost patriotism,” Xi added.

Crackdowns on what academics and students can say and should think are nothing new in China.

Courses and speech at universities, in particular, are tightly controlled by the government, fearful of a repeat of pro-democracy protests in 1989 led by students and eventually bloodily crushed by the military.

In 2013, a liberal Chinese economist who had been an outspoken critic of the party was expelled from the elite Peking University.

A year later, the university, once a bastion of free speech in China, established a 24-hour system to monitor public opinion on the internet and take early measures to rein in negative speech, a party journal said at the time.

China aims to build world-class universities and some of its top schools fare well in global rankings, but critics argue curbs on academic freedom could inhibit those ambitions.

(Reporting by Ben Blanchard; Editing by Clarence Fernandez)

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FILE PHOTO: Afghanistan National Security Advisor Hamdullah Mohib shakes hands with Chinese Foreign Minister Wang Yi before their meeting in Beijing
FILE PHOTO: Afghanistan National Security Advisor Hamdullah Mohib shakes hands with Chinese Foreign Minister Wang Yi before their meeting at the Zhongnanhai Leadership Compound in Beijing, China January 10, 2019. Andy Wong/Pool via REUTERS/File Photo

March 18, 2019

By Jonathan Landay

WASHINGTON (Reuters) – In fallout from a feud over U.S.-Taliban peace talks, a senior U.S. diplomat has told Afghan President Ashraf Ghani that U.S. officials will no longer deal with his national security adviser, four knowledgable sources said on Monday.

The decision to end U.S. contacts with Hamdullah Mohib will almost certainly raise tensions between the allies over Kabul’s exclusion from negotiations that have mainly focused on a U.S. troop pullout and how the Taliban would stop militant groups from using Afghanistan as a springboard for attacks.

Mohib had launched a blistering public attack last Thursday on the chief U.S. negotiator, Special Representative Zalmay Khalilzad.

The following day, U.S. Undersecretary of State for Political Affairs David Hale told Ghani by phone that Mohib would no longer be received in Washington and U.S. civilian and military officials would not do business with him, the sources said.

“Hale called Ghani and told him that Mohib is no longer welcome in D.C. The U.S. will not deal with him in Kabul or in D.C. any more,” said a former senior Afghan official, who like the other sources requested anonymity because of the issue’s sensitivity.

Kabul fears that Washington is intent on finalizing a U.S. troop pullout to fulfill a vow by President Donald Trump, undermining its ability to reach a political pact with the Taliban that preserves gains, such as women’s education, won since the 2001 U.S. invasion ended the militants’ harsh version of Islamic rule.

The former Afghan official said he saw the move as an effort to compel Ghani to “oust” Mohib, who became the president’s national security adviser after serving as his envoy to Washington.

A second source, a congressional aide, agreed that pressuring Ghani to end contacts with Mohib was “one way of looking at this” because the State Department provides funding for the Afghan president’s national security council staff.

The State Department declined to comment. The Afghan embassy did not immediately respond to a request for comment.

Simmering tensions over the Afghan government’s exclusion from the U.S.-Taliban talks in Doha, Qatar, erupted with Mohib’s attack on Khalilzad, an Afghan-born U.S. diplomat, at a news conference in Washington.

He accused Khalilzad of giving the Taliban legitimacy while “delegitimizing the Afghan government.” He added that Khalilzad perhaps was trying to create “a caretaker government of which he would then become viceroy.”

Viceroy was the title of the colonial administrator of British-ruled India.

The State Department responded with a strong statement quoting Hale as telling Mohib later Thursday that his comments “only serve to hinder the bilateral relationship and the peace process.”

The latest round of peace talks ended on March 11 after 16 days. The sides reported progress, but no accord on a withdrawal of U.S.-led international forces and the Taliban’s counter-extremist assurances.

U.S. negotiators also are pressing the insurgents to accept a ceasefire and talks with Afghan society representatives, including government officials. The Taliban have refused to talk to Ghani’s government, which they deride as a U.S. puppet.

In an interview on Monday with Reuters, Afghanistan’s ambassador to Qatar, Faizullah Kakar, said that another country should not be negotiating on the use of Afghan territory by militants.

“It is the government that should be deciding, whoever the government is, that the territory is used or not used against another country,” he said.

(Reporting by Jonathan Landay; Additional reporting by Erich Knecht in Doha; Editing by Alistair Bell)

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A Huawei company logo is seen outside a shopping mall in Shanghai
A Huawei company logo is seen outside a shopping mall in Shanghai, China March 7, 2019. REUTERS/Aly Song

March 18, 2019

GENEVA (Reuters) – Chinese telecoms giant Huawei led the pack with Asia accounting for more than half of the international patent applications at the World Intellectual Property Organization (WIPO) last year, WIPO said on Tuesday.

Huawei, which has been under pressure since the United States demanded its allies bar Chinese vendors from participating in building 5G networks due to national security concerns, made 5,405 patent applications to the U.N. body, up from 4,024 in 2017.

“It’s an all-time record by anyone,” WIPO director general Francis Gurry told a news conference.

WIPO oversees international treaties governing patents, trademarks and industrial designs. Its annual report on the applications it receives – a subset of all intellectual property filings globally – gives an early snapshot of the trends.

Asia-based filings accounted for 50.5 percent of the total applications received, Gurry said.

“Historically, this is really quite extraordinary,” he said. “Historically, this is a momentous occasion, this is something that is really a very, very significant result.”

The second-biggest user of the WIPO international patent system in 2018 was Mitsubishi Electric with 2,812 filings, followed by Intel with 2,499.

Although inventors in the United States filed more applications than in any other country, China looks set to take the top place this year or next, after a meteoric rise over the past quarter century.

Having filed only one patent application in the WIPO system in 1993, its applications overtook Japan’s in 2017 and grew by a further 9.1 percent to 53,345 in 2018, while the number of U.S.-based filings slipped 0.9 percent to 56,142.

Asia accounted for six of the top eight companies, with China’s ZTE Corp and BOE Technology Group and South Korea’s Samsung Electronics and LG Electronics also among the leaders.

China also jumped up the academic rankings, with four of its universities making the top ten list for the first time.

While the University of California remained well ahead among educational institutions, with 501 patent applications in 2018, and Massachusetts Institute of Technology was second, Shenzhen University and South China University of Technology leapt into third and fourth spot, just ahead of Harvard.

Gurry said Chinese universities benefited from an extremely strong emphasis on innovation and the commercialization of basic research, as well as access to the world’s second largest national pool of research and development spending.

He said China had introduced an equivalent of the U.S. Bayh-Dole Act, ensuring that patents taken out on government-sponsored research were being used, which may have had an influence on Chinese universities’ attitude towards commercializing their research.

The WIPO report represents applications for patents, trademarks and designs that their owners feel are valuable enough to protect and promote in overseas markets. Another WIPO report, released in December includes millions of applications for IP protection that are never filed overseas.

(Reporting by Tom Miles; Editing by Kirsten Donovan)

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