Abstract
This paper examines whether there was a real improvement in patent quality or productivity with the patent surge in China. Based on the novel database we compiled, we demonstrate that accumulated patent stock measured using quality metrics was positively associated with the productivity of large and medium-size enterprises (LMEs). We also find that R&D investments by LMEs led to increases in patent quality. However, the estimated R&D-patenting elasticities in China are found to be lower than those estimated in developed countries. We offer some explanations and discuss their implications for policy considerations.
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