North China's Shanxi province recently issued the "Implementation Opinions on Promoting the Innovative Development of Time-Honored Brands" to establish a sound long-term mechanism for the inheritance, protection, and innovative development of its time-honored enterprises.

The document puts forward that by 2026, this system will be established. The overall revenue of Shanxi's time-honored enterprises in the province is also expected to exceed 60 billion yuan ($8.30 billion) within this time frame, with over 100 time-honored brands at the provincial level or above identified. At the same time, more than 20 time-honored museums, exhibition halls, experience centers, and cultural centers will be created.

To establish this protection system, the province requires building up a dynamic management mechanism for time-honored brands as well as strengthening the protection of the registered trademarks, and original sites of time-honored brands.

Furthermore, the eligible social organizations and time-honored enterprises are encouraged to establish museums, exhibition halls, experience centers, and cultural venues. They should also collaborate with universities and colleges in order to expand their talent pool.

Shanxi will also encourage the establishment of various e-commerce and live-streaming bases that promote the development of time-honored brands. Policy support will also be provided to promote the technological transformation and intelligent upgrades among time-honored enterprises.

At the same time, State-owned time-honored enterprises are encouraged to deepen reform on property rights as well as to establish modern corporate governance structures. Financial institutions should also develop tailored financial products and optimize financial services for time-honored brands.