Intellectual property refers to the exclusive right that people enjoy according to law for their intellectual labor achievements, usually the exclusive right or exclusive right granted by the state to their intellectual achievements in a certain period of time. Intellectual property rights are the exclusive rights enjoyed by inventors and creators in the fields of science and technology, literature and art, including patents, trademarks, copyrights and related rights, layout-design of integrated circuits, geographical indications, new plant varieties, trade secrets, traditional knowledge, genetic resources and folk literature and art, etc.
In essence, intellectual property is an intangible property right, and its object is intellectual achievements or knowledge products, an intangible property or formless spiritual wealth, and a labor achievement created by creative intellectual labor. Like tangible property such as houses and cars, it is protected by national laws and has value and use value. The value of some major patents, well-known trademarks or works is much higher than tangible property such as houses and cars.