A bird's-eye view of NETDA. [Photo provided by Fan Youyi for en.nantong.gov.cn]

Four enterprises within the Nantong Economic and Technological Development Area, or NETDA, inked a letter of intent for business secret insurance with PICC Property and Casualty Co on April 11, marking the introduction of Nantong's first business secret insurance in the area.

The insurance company will provide the insured enterprises with 100,000 yuan ($13,816) of compensation for any infringement upon their business secrets.

Business secrets constitute the crucial intellectual property of a company that are vital to its survival and development. To handle the problems occurring in maintaining legal rights, Nantong has introduced business secret insurance to reduce costs for enterprises in protecting their rights.

NETDA's market supervision bureau puts a premium on the protection of business secrets and has taken innovative measures to help local enterprises in safeguarding their business secrets. Currently, the development area has established 46 district-level or municipal-level business secret protection demonstration zones and enterprises.