GENEVA -- China and the World Intellectual Property Organization (WIPO) on Wednesday signed a memorandum of understanding to enhance partnership in the field of intellectual property (IP) protection.

The memorandum was signed between China's Minister of State Administration for Industry and Commerce Zhang Mao and the director general of WIPO Francis Gurry.

While placing particular emphasis on the Madrid System, a one-stop solution for registering and managing trademarks worldwide, the memorandum builds on a covenant signed by both parties in 2010.

In light of China's economic growth, trademark law reforms and the country's efforts to streamline trademark registration, the agreement also takes into account China's growing role in the field of IP.

According to statistics, close to 2.9 million trademark applications were made in China last year, up from 766,319 in 2006.

China also ranked sixth in 2015 in terms of the number of applications filed under the Madrid System, with 2,321 applications filed by Chinese applicants.

"There is a huge potential for more Chinese application filings with the Madrid System," Zhang said.

"In the future, we'll continue to encourage Chinese enterprises to use trademarks in their 'Go Global' strategy, strengthen the promotion, training and consultancy of the Madrid System, and carry out universal education on international registration of trademarks," he added.

The minister hoped that the Madrid System would become the favored option for enterprises seeking to register international trademarks.

He also highlighted the importance of promoting Chinese brands internationally, in line with the country's status as the world's second largest economy.

"We believe that, in the next decade, trademark and brand strategies will be an important driver for economic development," he said

Zhang said China will continue with its market reforms and allow brands to play their active role of promoting competition, stimulating innovation and driving development.