Intellectual property, also known as "the ownership of knowledge", refers to "the property rights enjoyed by the obligee on the intellectual labor results created by him", which is generally only valid for a limited period of time. All kinds of intellectual creations, such as inventions, literary and artistic works, and signs, names, images and designs used in business, can be regarded as intellectual property rights owned by a certain person or organization. According to Professor Mark Lemley of Stanford University Law School, the word "intellectual property" was widely used after the establishment of 1967 World Intellectual Property Organization.
Invention patents, trademarks and industrial designs constitute industrial property rights. Industrial property rights include patents, trademarks, service marks, names of manufacturers, names of countries of origin, prevention of unfair competition, rights to new plant varieties and exclusive rights to layout design of integrated circuits.