Chinese lawmakers are reviewing a State Council report on promoting the application of scientific and technological achievements, highlighting significant growth in innovation and industrial transformation since 2021.

The report, submitted to the Standing Committee of the National People’s Congress on Monday, shows that China has seen a sharp increase in both the volume and quality of technology applications during the 14th Five-Year Plan period (2021-2025).

The total value of technology contracts nationwide rose from 2.83 trillion yuan ($402 billion) in 2020 to 6.84 trillion yuan in 2024, a 141.7% increase.

According to the report, the adoption of new technologies has accelerated the upgrading of traditional industries, while strategic emerging sectors continue to expand.

High-tech manufacturing companies above a designated scale saw a 42% rise in value added in 2024 compared to 2020.

Frontier areas like artificial intelligence and biotechnology have emerged as new drivers of economic growth.

The integration of scientific, technological, and industrial innovation is speeding up, with enterprises accounting for more than 77 of total R&D spending and holding 73.7% of all valid domestic invention patents.

The report also notes that China has largely established an institutional framework to support the application of scientific and technological achievements, with laws and regulations steadily improving and a policy system for promoting innovation transformation in place.