Investment in intellectual property products, unlike traditional fixed-asset investment, is characterized by being both "intangible" and "cutting-edge." At a State Council Information Office press conference on August 17 regarding national economic performance for July, data showed that while overall fixed-asset investment declined in the first seven months, investment in intellectual property products grew rapidly, surging 9.1% year-on-year and accounting for 2.1 percentage points more of total investment compared to the same period last year. This category of investment is increasingly becoming a vital gauge of high-quality development.

Public data indicates that in Q1 of this year, intellectual property product investment grew by 7.9%, representing over 12% of total investment. In the first half of the year, this investment increased by 9.4% year-on-year, comprising 13.8% of total investment—up 1.9 percentage points from the previous year—and contributing 1.1 percentage points to overall investment growth. By the January-to-July period, its share of total investment had climbed to 14.8%.

Investment in intellectual property products refers to activities centered on knowledge-intensive efforts that primarily generate intangible assets, including the production and acquisition of intangibles such as computer software, databases, and research and development. Compared with conventional fixed-asset investment, this type of investment exhibits two defining traits: it is "intangible," meaning it cannot be seen or touched like highways or skyscrapers, and it is "cutting-edge," playing a pivotal role in driving innovation and serving as the core of future competitive advantage.

At the aforementioned press conference, Fu Linghui, spokesperson for the National Bureau of Statistics, noted that China is in the midst of an accelerated transition between old and new growth drivers. Capital is rapidly flowing toward advanced manufacturing, the digital economy, and green, low-carbon sectors, while corporate investment priorities are shifting toward innovation stages like R&D and design. Current investment determines future output and is closely tied to the layout of future industries and economic efficiency. Looking ahead, it is foreseeable that investment in intellectual property products will continue to intensify, supported by three key pillars: policy backing, directional guidance, and concrete support.

First, policy backing. The National Bureau of Statistics has established a statistical framework for intellectual property product investment, incorporating it into monthly fixed-asset investment releases. This marks a breakthrough in the traditional scope of fixed-asset investment statistics and will encourage greater participation in such investment across various sectors. Concurrently, top-level policy direction is fostering a more favorable environment for industrial development. The "15th Five-Year Plan" calls for adapting to the requirements of new quality productive forces and actively supporting intangible asset investment, creating a stronger overall ecosystem for related industries. Additionally, the State Council's 12th plenary meeting on August 17 emphasized strengthening technological empowerment, accelerating the shift between old and new growth drivers, and increasing support for emerging pillar industries and future industries. These coordinated measures will deliver tangible, perceptible benefits to enterprises and individuals alike.

Second, directional guidance. At the press conference, Fu Linghui highlighted several major areas where "new-type investment" is expanding rapidly, including electronic circuit manufacturing, electronic specialty materials manufacturing, integrated circuit manufacturing, power batteries, the low-altitude economy, and aerospace equipment. Investment momentum in "new track" sectors, which encompass intellectual property product investment, continues to strengthen. Future industries serve as a compass for expanding investment in "new-type" areas such as intellectual property. Going forward, national priorities including quantum technology, biomanufacturing, hydrogen energy and nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications (6G) will generate additional market opportunities and demonstrate even greater appeal.

Third, concrete support. Recently, a number of technology-intensive enterprises have successively entered the capital markets, creating wealth milestones for companies and individuals while vividly showcasing the immense allure of intellectual property products. In a sense, this serves as a "value endorsement" from the overall environment for outstanding enterprises and individuals in related fields, significantly boosting their enthusiasm for deep engagement in innovative investment. Moreover, the National Development and Reform Commission recently convened a special meeting and decided that the total scale of new-type policy-based financial instruments for 2026 will reach 800 billion yuan, an increase of 300 billion yuan from the prior year, with allocations targeting key areas such as the digital economy and technological innovation. This will provide ample financial support for innovation entities to increase R&D investment and position themselves in the intellectual property arena.

As the potential of new growth drivers is unleashed, investment has taken on richer meaning. With sustained policy support, new-type investment in areas like intellectual property products will play an active and leading role, poised to become a new track for industrial upgrading and a new engine for economic growth.