A Market System Stressing Technology Factors Launched
PHOTO: VCG
By CHEN Chunyou
A plan on building a modernized market system based on technology factors in the 14th Five-year Plan period was released on October 25, which proposes to achieve a five trillion RMB turnover of technology contracts by 2025. This requires a higher level and more rapid development of the technology market in the next three years.
Different from traditional production factors, such as land, labor, and capital, technology factors are closely attached to R&D organizations and researchers.
According to the report to the 20th CPC National Congress, China plans to build a unified national market, advance reforms for the market-based allocation of production factors, and put in place a high-standard market system.
During the 13th Five-year Plan period, China's technology factor market presented a sound development trend. In 2020, a total of 549,400 technology contracts were registered nationwide, with a transaction value of 2.83 trillion RMB, 2.87 times that of the 12th Five-Year Plan period, with an annual growth rate of 23.49 percent.
Currently, China is entering a high-quality development stage, in which new development concepts and patterns require a market that features technology factors.
The function for trading intellectual property rights and research achievements through the three institutions, including China Technology Exchange, Shanghai Technology Exchange and Shenzhen Stock Exchange, will be established and improved, said the plan.
To improve the professional service capacity of the technology transfer institutes, national technology centers will be established in the Yellow River basin, the Hainan Free Trade Port, and the Guangdong-Hong Kong-Macao Greater Bay Area, said the plan, adding that technology transfer projects will also be piloted in universities.
The country will explore ways to establish a cross-regional, cross-departmental and cross-industrial flow mechanism for researchers, said the plan
Regarding a better integration between technology factor and capital factor, the plan seeks to encourage researchers to start up businesses or do part-time research in China, through which to achieve the commercialization of research achievements.
By 2025, China expects to have a complete technology factor market system, and an interconnected technology trading network, which will notably improve the allocation efficiency of technology factors, said the plan.