In the first half of this year, Quanzhou, a city in East China's Fujian province, recognized and registered 103 technology contracts with a transaction value of 221 million yuan ($31.57 million), a year-on-year increase of 60.94 percent and 167.78 percent respectively.

It exceeded last year's contract transaction value of 137 million yuan.

The figure has benefited from preferential policies designed to promote the transfer and transformation of scientific and technological achievements in the city, the introduction of professional institutions to cooperate in the operation of the Quanzhou science and technology market, and the active implementation of the paperless process of technical contract certification and registration.

In January this year, Quanzhou issued some suggestions on promoting the transfer and transformation of scientific and technological achievements.

The policy documents outlined the management reform of the right to use, dispose of and profit from the scientific and technological achievements of universities and scientific research institutions in Quanzhou.

The above-mentioned units may independently decide to transfer, license or convert the scientific and technological achievements in their holdings.

All income derived from the transfer and transformation of scientific and technological achievements shall be retained by the unit and included in the unit's budget.

After the transfer of scientific and technological achievements, a proportion of not less than 70 percent can be used to reward scientific research personnel.