Wan Gang, China's minister of science and technology, shared on Thursday the feat achieved by the local tech market, China Daily reported.
Wan stated that in 2015, a large chunk--80 percent--of the country's scientific and technological research has incepted commercial products. The transactions in the domestic market have also reached $151 billion.
"It (the technology market) means development, servicing, consultancy, permits, and transfer processes for technology--including major projects undertaken by enterprises, which indicates the quick transfer and development of technology results," he noted.
The minister was speaking during a news conference held at the annual two sessions.
In his speech, he also urged strengthened partnership between universities and enterprises. He said that academic institutions should give greater support to enterprises by "providing research and development services, testing facilities, experiments and consultancy services."
Wan said such strategy can help in promoting the commercialization of the country's technological achievements.
In 2015, scientific and technological progress accounted for 55.3 percent of China's overall economic growth. Some of these progress include the successful commercial launch of the ARJ-21 regional jet and the unveiling of the first locally produced large passenger aircraft, the C919.
The country also recorded the world's highest number of green vehicles in 2015: 497,000 units. It also sold over 370,000 new-energy automobiles on the same period.
According to Zhou Guohui, an NPC deputy, "it is difficult to commercialize the results of scientific and technological development."
The deputy, who is also the director of Zhejiang Province Science and Technology Department, also noted that the province has initiated an online technology market. It opened auctions in 2012.
"Since 2012, 634 deals have been made, with the total transaction amount reaching 1.16 billion yuan," Zhou said. "This activity has been warmly welcomed by experts from universities and research institutes, as well as private enterprises."