China's technology transactions went as high as 983.5 billion Yuan in 2015 said Wan Gang, the minister of Science and Technology on Thursday, March 10, 2016. This accounts for 55.3 percent of the country's total economic growth.

Gang added that 80 percent of China's scientific researches produced commercial products contributing to the total revenue made by China that year.

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In the same interview, Gang said that this economic success will make further developments in technology and better services for Chinese citizens. He also encouraged more cooperation between universities and enterprises. He said that universities should allow more support from enterprises and allow more commercialization of inventions to produce more developments for China.

New energy vehicles contributed a lot to the success of China's tech market. Up to 370,000 electric automobiles were sold in China last year - making China the top user of ecofriendly automobiles in the world with a total of 497,000 units. Zhou Guohui, director of Zhejiang Province Science and Technology Department, said that commercializing the results of technological development is difficult - making the success sweeter.

Wan said in the interview that China will promote the efficiency in the its scientific research and will start experimenting on new heights including the creation of a quantum space communications system.

This experiment aims to create a fast and long range communications system. This could also lead in the development of quantum communications networks, according to Pan Jian-Wei from the University of Science and Technology of China, who is leading the project. He noted that in science and technology, there are no boundaries between countries so there will be other countries involved in the project.

Tagschina, Chinese Economy, China tech news, sales