Zhejiang authorities launched a digital system named "Zhejiang Intellectual Property Rights Online" on April 26.

The system is used for IPR-related applications, financing, evaluation, protection, early warning, management, searches, and consulting.

Qu Guanhua, chief executive of a Taizhou-based new energy tech company, started using the system on the day of its launch.

Qu told a local reporter that the digital system, which moves relevant applications, registrations, and notifications online, has made it easier for him to process the evaluation of his company's IPR items and obtain IPR-pledged financing.

He logged into "Zhejiang Intellectual Property Rights Online" and entered the webpage for a financial product offered by a certain bank. After clicking on the button for a financing to be pledged on a utility patent owned by his company, Qu immediately completed the application and received a notification from the bank about a one-million-yuan ($154,600 ) credit line.

According to the Zhejiang Administration for Market Regulation, the system has integrated massive amounts of data in eight categories, including patents, trademarks, copyrights, geographic indications, integrated circuits, and new floral varieties, achieving interconnectedness between 12 digital administrative systems operating in the province.

The system has so far introduced IPR-related financial products offered by 13 commercial banks and is expected to process over 60 billion yuan in financing for companies per year.