China saw an active market in the commercialization of scientific and technological achievements, according to an annual report released on Wednesday, People's Daily reported.

The report analyzed the commercialization data in 2019 from 3,450 public colleges and universities, as well as scientific research institutions across the country.

In 2019, the number of contracts of 3,450 colleges, universities and institutions showed an increasing trend to commercialize scientific and technological achievements via transfer, licensing and investment. The amount of cash and equity awards received by individuals reached 5.31 billion yuan ($812 million), with 3.09 billion yuan in cash awards, up 17.9 percent over the previous year, and 2.22 billion yuan in the equity awards, the report showed.

Compared with licensing and investment, transfer served as the main method for the commercialization, of which contracts accounted for more than 60 percent of the total contract number.

Contracts valued at 1 million yuan and above accounted for 10 percent of the total and 89.6 percent of the overall contract amount. And 24 projects were signed with each commercialization contract worth over 100 million yuan.

Scientific and technological achievements were mainly made in and flowed to the country's eastern regions. Shanghai, Beijing, and Guangdong province ranked the top three in regard to the contract amount of scientific and technological achievements output, while Shanghai, Guangdong and Jiangsu provinces were the top three regions in terms of the amount where those contracts went.

In 2019, manufacturing industry spent most on purchasing scientific and technological achievements from colleges, universities and institutions via transfer, licensing, and investment, with the amount reaching 5.82 billion yuan, accounting for 38.2 percent of the total. Micro-, small- and medium-sized, and other types of enterprises got the largest commercialization contract amounting to 9.19 billion yuan, accounting for 60.3 percent of the total.