"China also knows that Trump's recent trademark applications (including one for escort businesses) likely aren't intended to precede new products. Rather, as Trump's lawyer explained to the Washington Post, they're defensive in nature, and designed to keep someone else from trademarking, and launching, Trump Escorts. That may sound convoluted, but it's actually a common strategy for foreign companies hoping to protect their brands in China.
Moreover, China's interest in protecting intellectual property is at least as strong as Trump's in this case. In the coming months, the Trump administration is likely to roll out aggressive new policies in opposition to China's trade practices, including its lax IP enforcement. The last thing China wants is fake but licensed Trump products in Chinese stores making Trump's case for him.
For now, at least, giving Trump his trademarks probably won't put money into the president's pocket. But it's a crucial step for Chinese officials hoping to manage their relationship with an unpredictable new marketer-in-chief.