In an effort to crack down on fake goods Beijing's Xiushui Market, better known as Silk Street market, has set up an Intellectual Property Rights (IPR) Protection Fund. The 30-million-yuan fund (US$3.6 million) comes from revenues collected from the market's tenants, the Beijing News reported Thursday.
On Wednesday the first group of 30 vendors at the popular tourist shopping haunt received a total of 10 million yuan in rent refunds from the market as a reward for respecting IPR protection laws last year. General manager Wang Zili said the market would endeavor to gradually improve its image.
Xiushui has two main markets--one selling traditional goods such as silk and tea mainly to overseas customers and the other selling fashionable clothes and ornaments mainly to domestic customers.
(Xinhua News Agency September 1, 2006)