More than 367,000 technical contracts were signed in China in 2017, up 14.7% from the previous year, according to the Ministry of Science and Technology on February 11.

The transaction volume of the contracts totaled 1.34 trillion yuan (213 billion USD), with a year-on-year increase of 17.7%.

Technical service contracts totaled 682.6 billion yuan in value, an increase of 16.7% from 2016. Contracts for technical development also saw a rise in transaction volume.

Electronic information, urban construction and social development, and transportation are the top three fields that gained the most value.

The transaction volume of aeronautics and astronautics contracts went up 59% while those for nuclear application technology went down 62% than the previous year.

A rise in transaction volume also occurred in such fields as new energy, high-efficiency and energy-conserving technology, advanced manufacturing, agriculture, environmental protection and bio-medical industries.

Over 40% of transactions were contracts involving intellectual property rights. The transaction volume of invention patents grew by 19.2% in value year on year.

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