Yangshan Honey Peach [Photo/WeChat account: wuxifabu2013]
Starting from July 1, Wuxi's Yangshan Honey Peach Farmers Association will be able to receive compensation if their product IP is infringed, according to a recent deal signed with the Wuxi Branch of the People's Insurance Company Group of China.
Because of its fragrance and sweetness, the Yangshan Honey Peach is the most famous fruit in Wuxi. It was approved by the country's agricultural department as an Agro-product Geographical Indications product.
However, fake and low-quality peaches have disillusioned customers and Yangshan's farmers for years. With the introduction of this insurance, the costs for safeguarding rights and other economic losses can be defrayed.
In February, Wuxi released a series of measures to encourage enterprises and related institutions to participate in the protection of intellectual property rights, saying that enterprise, universities and other institutions are encouraged to take on intellectual property insurance. A grant of up to 300,000 yuan ($42,000) will be provided to cover 50 percent of actual payment.
The Yangshan Honey Peach is expected to hit the market sometime after June 10.
