By last year, 80 percent of China's scientific and technological research had resulted in commercial products in the private sector, the minister of science and technology said on Thursday.

Wan Gang said transactions in China's technology market reached 983.5 billion yuan ($151 billion) last year.

"It (the technology market) means development, servicing, consultancy, permits, and transfer processes for technology - including major projects undertaken by enterprises, which indicates the quick transfer and development of technology results," he said.