Since the start of China's 14th Five-Year Plan period (2021-2025), the country has deepened its reform of the mechanism of applying sci-tech achievements in real-world practices, improved policy support and market services, and achieved steady growth in both the scale and quality of applied scientific and technological outcomes, according to a State Council report submitted to the Standing Committee of the National People's Congress for deliberation on December 22.

From 2020 to 2024, the total transaction value of technology contracts nationwide surged from 2.83 trillion RMB to 6.84 trillion RMB, a growth of 141.7 percent, the report noted.

An institutional framework has been basically established for the application of sci-tech achievements. China has delegated the rights to use, dispose of, and benefit from sci-tech achievements, clarified the reward ratios for contributors, improved the open patent licensing system, and strengthened the legal provisions governing technology contracts, according to the report.

The application of sci-tech achievements from universities and research institutes was also reformed with promising results. By the end of 2024, there were 2,364 technology transfer institutions established by universities and research institutes, an increase of 21 percent compared with 2020. The total transaction value of the contracts related to the transfer and application of sci-tech achievements by universities and research institutes reached 226.91 billion RMB in 2024, growing by 81 percent compared to 2020.

Enterprises also played a crucial role in advancing the application of sci-tech achievements. In 2024, enterprises' R&D investment comprised more than 77 percent of the national total R&D expenditure in China, and their valid invention patents accounted for 73.7 percent of the national total. Enterprises commissioned universities and research institutes to undertake technical development, consulting and service projects, with a total contract value of 201.07 billion RMB, marking a 1.9-fold increase compared to 2020.

The country's technology transfer service system has been largely established, and the service system for startups and incubation has been further improved, according to the report. By the end of 2024, there were over 15,000 incubation institutes nationwide, with over 500,000 enterprises and teams under incubation, and almost 6,000 companies cumulatively nurtured have been listed or quoted in capital markets.

In addition, China accelerated the establishment of a sci-tech finance system aligned with scientific and technological innovation, empowering the application of sci-tech achievements. Data shows that the National Fund for Technology Transfer and Commercialization has invested in over 700 technology-based enterprises, driving the establishment of local funds with a total scale exceeding 140 billion RMB.

The report said China plans to accelerate formulating policies and measures to advance the deep integration of sci-tech innovation and industrial innovation, and promote the application of sci-tech achievements.