China has seen a continuous increase of commercialization and transformation of scientific achievements, with trading contracts reaching a record high last year, a recent report shows.

The report, published by the National Center for Science and Technology Evaluation and the Institute of Scientific and Technical Information of China, summarized the data of 3,200 universities and research institutes across the country and analyzed their progress and experience in commercializing scientific results.

The report shows that in 2018, the 3,200 institutes signed 11,302 contracts worth 17.7 billion yuan ($2.5 billion), a year-on-year increase of 52.2 percent.

The average value of the contracts also rose significantly to 1.57 million yuan with an increase of 42.6 percent year-on-year, meaning the quality of scientific achievements has much improved. More than 30 institutes have reached deals of over 100 million yuan, rising by 14.3 percent year-on-year.

Further, the report indicates researchers have received more cash and product equity from the commercialization, with 68,000 researchers taking in $6.76 billion, an increase of 44.9 percent.

Cooperation between enterprises, universities and research institutes has also deepened, largely driving development of the innovations. In 2018, the total value of contracts signed by the 3,200 institutions for technology transfer, technology development and technical consulting and services increased by 16.6 percent to 93.1 billion yuan.

Li Zhimin, a professor at Tsinghua University, said the growth of scientific commercialization was largely stimulated by a series of policies the central government has issued in recent years to accelerate technology transfers and to boost innovation and economic quality.

For example, the guideline to implement the law regarding the transformation of scientific and technological achievements, which was released by the State Council in 2016, clarified the interests of researchers, giving great incentives to foster more commercialized applications.

However, the report also suggests room for improvement, as statistics show that of the 3,200 institutions, only 687 have set up specialized departments for technology transfer, and 306 said they think technology transfer companies play an important role in commercializing scientific achievements.

Li said he believes there remains huge potential in transferring scientific results into tangible applications if research institutes and universities can come up with more detailed policies to encourage researchers to transfer their achievements and ensure their rewards.

"Affected by traditional thoughts, many managers of research institutions tend to focus more on studies but find commercialization unimportant. We now have national policies in place, but intermediate departments and leaders should also raise their awareness and better implement the policies," Li said.