[Peter Yu] Abstract: The WTO TRIPS Agreement has imposed unprecedented burdens on countries in the developing world. Although many developing and least developed countries continue to struggle with the Agreement's high intellectual property protection and enforcement standards, large or populous emerging economies, such as Brazil, China, India, South Africa, Thailand, have managed to adapt the Agreement with some success. As economic and technological conditions improved, these emerging economies began to secure even greater benefits from the TRIPS-based intellectual property system, thereby initiating a self-reinforcing virtuous cycle. Out of all emerging economies, no country provides a better illustration for a complete transformation of its intellectual property system and pharmaceutical landscape than China.