Yes, they have a system with design and utility patents that is ~similar to the west. When you talk to local lawyers they always emphasise the importance of trademarks as the most effective way to protect your IP, but if you are have the budget getting patents could be good as well. The one thing to note is that you have to file a Chinese patent within a year of any other application worldwide. (I don't know nearly as much about this subject as I've learnt about trademarks, so caveat emptor.)