(Yicai Global) March 13 -- Chinese companies have accelerated the application of technologies patented in the country over the past year, with related technical contracts exceeding CNY140 billion (USD22.0 billion), up 10 percent annually says China's patent office.

More than 15,000 contracts were signed regarding the use of patented technologies last year, said Shen Changyu, commissioner at the State Intellectual Property Office during a question-and-answer session at the government's Two Sessions in Beijing.

The growth is attributable to the establishment of a system with better rights and interests for intellectual property, which has boosted initiative among patent-holders, he said.

The increased use of patented technology led to a surge in financing for patents last year. More than CNY72 billion was pledged in financing for patents for last year, up 65 percent annually, boosting prospects for small and medium-sized technology companies, Shen added.

China has continuously exerted efforts in recent years to strengthen the protection of intellectual property. The total number of patent enforcement cases over the past five years has grown at an average rate of 40 percent reaching more than 100,000.