The Zhejiang Zhoushan Jintang Screw Industry Intellectual Property (IP) Alliance, the first IP alliance in Zhoushan, was established on Oct 28, local media reported.

The alliance includes 26 screw companies and other institutions, including the Ocean Research Center of Zhoushan of Zhejiang University and Zhejiang Qianyong Law Firm.

"In light of the ongoing COVID-19 situation and unpredictable domestic and international environment, companies in China have begun selling their export-oriented commodities at home," said Xia Zengfu, director of the newly-established IP alliance.

Xia said that the alliance is expected to improve the ability of its member companies to withstand international risks by integrating superior resources and establishing an IP support mechanism.

Jintang Island is the largest manufacturing base of screws for injection molding machines in China, and its screws account for more than 75 percent of the market share in the country.

The management committee of Jintang rolled out an action plan this year to encourage more IP rights, which stated that by the end of this year the total number of registered trademarks in Jintang is expected to reach 220.

That goal has already been surpassed, as the island now has 221 registered trademarks, including eight international registered trademarks.

In addition, the management committee of Jintang has also encouraged local companies to apply for patents and is supporting them in technological innovation.

State-level and provincial-level patent demonstration companies will receive a respective reward of up to 200,000 yuan ($30,000) and 100,000 yuan.

Companies whose trademarks are recognized as nationally well-known in the manufacturing industry will receive a maximum reward of 200,000 yuan.

Companies that receive the Zhoushan Municipal Government Quality Award will be granted no more than 300,000, while those nominated will be granted no more than 100,000 yuan.