The Shanghai Technology Exchange officially opened on Wednesday to promote innovation in the technology marketplace.

The exchange was jointly established by the Ministry of Science and Technology and the Shanghai municipal government.

Unlike other property rights exchanges, the Shanghai Technology Exchange will organize transactions of various scientific and technological achievements and technical services to help accelerate the science and technology transfer in the Yangtze River Delta and across the whole country, said Yan Mingfeng, president of the exchange.

To date, the exchange has amassed a total of 20 universities and research institutes, 30 transaction service institutions, and 60 enterprises including state-owned and listed companies.

Over 5,000 scientific and technological achievements are currently intended to enter the exchange, alongside companies with an intentional purchase amount of 400 million yuan (about 59.5 million U.S. dollars), as well as 1 billion yuan worth of subjects intended for listing.

The transaction volume of technology contracts in China exceeded 2 trillion yuan for the first time in 2019, reflecting a strong market demand for technology.

The Shanghai Technology Exchange was established in 1993 and official preparatory work for its opening kicked off on Dec. 31, 2019.