The intellectual property (IP) court of China's Supreme People's Court (SPC) has accepted 18,924 cases since its establishment on Jan. 1, 2019, concluding 15,710 of these cases, the SPC said Thursday.

The IP court has strengthened judicial protection of IP rights concerning core technologies, key areas, and emerging industries, so as to effectively encourage and guarantee technological innovation, Tao Kaiyuan, vice president of the SPC, told a press conference.

Noting that the court has increased compensation for IP rights infringement, Tao said that last year saw punitive damages applied in eight cases.

Tao added that the court has also taken stronger action against monopolies and unfair competition, effectively ensuring fair market competition.

The IP court has advanced the rule of law in domestic and foreign-related affairs in a coordinated manner, equally protecting the rights of domestic and foreign parties per the law, Tao noted. A total of 1,198 foreign-related cases have been concluded over the past five years, she added.