China to speed up tech market development

BEIJING — China's tech sector has seen huge developments in recent years, helping to boost the country's global influence in science and technology.

The next step is to strengthen its current technology transfer system and speed up developing its technology market, according to the Ministry of Science and Technology.

Earlier this week, the ministry issued guidelines to further commercialize and industrialize science and technology achievements.

According to the guidelines, China will develop a technology market with its service system improving and market scale expanding by 2020. Twenty high-level professional technology transfer organizations will be set up to guide the market, and another 600 organizations will be built to provide technology transfer services.

China will develop three to five technology trade market hubs, and train 10,000 professional agents for technology transfer.

The guidelines also proposed developing specific technology trade markets in artificial intelligence and biopharmaceuticals.

Building international technology transfer platforms in Belt and Road countries will also help China tap its industry capacity and promote its technology trade market into an essential global hub, according to the guidelines.