The total volume of China’s contracted technology transactions exceeded 2 trillion yuan for the first time, hitting a record 2.2 trillion yuan in 2019, up 26.6 percent over the previous year, new data from the country’s Ministry of Science and Technology (MOST) showed.
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The figure is more than 3,000 times the 700 million yuan of transactions seen in 1984.
The sustained and rapid growth in transaction value of China’s technology contracts in recent years was the result of the country’s overall momentum of steady and long-term economic growth, said Chen Yan, an official with MOST’s Torch High Technology Industry Development Center, adding that it also reflected the market’s growing demand for technologies.
China has more than 180,000 high-tech enterprises, and over 130,000 small and medium science and technology enterprises. Statistics show that enterprises, the major players of technology transactions, conducted over 90 percent of the country’s contracted technology transactions.
Enterprises’ active role in the technology market demonstrates their greater investment in technology research and development, strong desire for technological upgrading, and confidence in the market, according to Chen.
China has established over 1,000 technology market regulatory agencies, more than 800 technology contract registration agencies, and over 20,000 technology transaction agencies.