China's Ministry of Science and Technology released its annual report on the transformation of scientific and technological achievements during the 2025 Pujiang Innovation Forum in east China's Shanghai on Monday.

The report shows that in 2024, a total of 4,059 universities and institutes converted their sci-tech achievements through six channels – transfer, licensing, equity investment, technology development, consulting and services – with contracts totaling 226.9 billion yuan (about $31.9 billion), an approximate increase of 10 percent over the previous year.

The total number of contracts came in at 661,000, with both the value and volume of conversions showing an upward trend, indicating the robust transformation of sci-tech achievements.

Researchers from the country's universities and research institutes have sustained exceptional enthusiasm for innovation and entrepreneurship, according to the report. In 2024, a total of 415 universities and research institutes recorded technology-transfer contracts exceeding 100 million yuan (about $14.1 million) each, up 4.1 percent year on year.

By the end of 2024, universities and research institutes had 18,248 full-time staff dedicated to technology transformation. More than 1,000 universities and research institutes have established technology-transfer offices.

The report also said that 1,329 universities and research institutes have established joint research and development units, technology-transfer offices and platforms with enterprises.