China's tech contracts exceed $318b in value in 2019

BEIJING - China's technology market has seen more than 484,000 technology contracts in 2019, with the total volume of transactions at 2.24 trillion yuan ($318.6 billion), new data showed.

These figures represented year-on-year increases of 17.5 and 26.6 percent, respectively, according to the Ministry of Science and Technology.

It marked a record-high transaction value of China's technology market, exceeding 2 trillion yuan for the first time.

Among all types of technology contracts, those related to technical services achieved a transaction volume of 1.24 trillion yuan, a 28.9-percent year-on-year increase.

Contracts related to technological development, technology transfer, and technology consulting all saw a significant increase in the volume of transactions.

Among all technologies, new energy and high-efficiency technologies achieved the largest increase of 82.7 percent in contract value.