Business / Technology

Sci-tech offers huge contribution to China's economic growth

(Xinhua) Updated: 2016-03-05 10:57

BEIJING - China's scientific and technological progress contributed to 55.1 percent of the country's economic growth in 2015, demonstrating the crucial role of sci-tech, the Ministry of Science and Technology said Friday.

China ranked the 18th in the world in terms of the national innovative capacity last year, and the scientific system reform has achieved tangible progress, according to a statement from the ministry.

The ministry said China is now focusing on a collaborative innovation mechanism combining the industry and academic research, striving to transform technology into real benefits as the country pushes for a innovation-driven development.

The State Council on Wednesday publicized a regulation on how to implement a bill on the commercialization of scientific research findings, providing detailed operational measures for academics and inventors to commercially exploit their work.

The value of technology transactions in China amounted to 983.5 billion yuan ($150 billion) in 2015, up 14.7 percent year on year.

Statistics from the ministry showed 16 pilot areas implementing a "combined technology and finance" program, including Shanghai and Chongqing, have loaned more than 1.2 trillion yuan to middle and small enterprises for scientific research investment.

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