To accelerate the construction of a unified national technology trading market and promote the interconnection of technology trading markets in various regions，on January 10, 2025，The "2024 National Unified Technology Trading Service Platform Project Construction Implementation Plan Demonstration and Launch Meeting" was held at the Ministry of Industry and Information Technology in Beijing, with Xie Shaofeng, Chief Engineer of the Ministry of Industry and Information Technology, attending the meeting. Wei Wei, Director of the Science and Technology Department, Zhao Chaofan, Deputy Director, Lv Xianzhi, Director of the Torch Center, Li Youping, Deputy Director, as well as relevant officials from the Planning Department, Finance Department, Science and Technology Department, Enterprise Bureau, Human Resources and Education Department, Cybersecurity Industry Development Center, China Small and Medium sized Enterprise Development Promotion Center, and Industry Development Promotion Center attended the meeting. Seven evaluation experts from the Development Research Center of the State Council, the Institute of Macroeconomics of the National Development and Reform Commission, the Chinese Academy of Social Sciences, the Wudaokou School of Finance at Tsinghua University, Tencent, and other units have demonstrated the implementation plan for the project construction. More than 60 relevant personnel from the construction consortium of the National Unified Technology Trading Service Platform project attended the meeting as observers. The meeting was chaired by Director Lv Xianzhi. The responsible comrade of the Torch Center Market Department gave a detailed report on the construction background, content, implementation plan and plan, as well as project budget of the national unified technology trading service platform. The attending experts discussed the feasibility of the project implementation and the rationality of the budget, and unanimously agreed that the construction of the national unified technology trading service platform is in line with the strategic deployment of building a unified national market. The functional design, technical architecture, and operation mode of the project have strong operability and practicality. The budget preparation is scientific and reasonable, and the cost basis is sufficient. It is recommended to start the project construction as soon as possible through the discussion. The business management department and relevant units of the Ministry of Industry and Information Technology discussed and provided opinions on the implementation plan for platform construction.

The Oliver Hart Research Center of Contracts and Governance at East China University of Science and Technology, the Wudaokou School of Finance at Tsinghua University, the School of Innovation and Entrepreneurship at Jilin University, and the Zhongguancun Technology Managers Association, as research centers (think tanks) established as platform projects, conduct comprehensive, strategic, and forward-looking research on major issues and public policies in the fields of technology trading and technology trading services. Through scientific research and theoretical guidance, they propose professional, constructive, and practical policy recommendations and innovative solutions, scientifically evaluate policy effects, and predict future policy trends.

The Torch High tech Industry Development Center of the Ministry of Industry and Information Technology has commissioned a research team led by Professor Wu Yuming, the Executive Director of our center, to carry out an important research project on "Forming a National Integrated Technology Market Construction Research". The research results submitted, such as the "Integrated Technology Market Research Report", "Overview of Integrated Technology Market Theory Literature Research", and "International Experience Reference Album for Forming a National Integrated Technology Market Construction", have played a positive role in supporting and ensuring the smooth completion of the project. Among them, the incomplete contract theory proposed by Oliver Hart, director of our center, winner of the 2016 Nobel Prize in Economics, and economics professor at Harvard University, as well as the property rights and transaction cost theory proposed by Ronald Coase, winner of the 1991 Nobel Prize in Economics, and the mechanism design theory proposed by Eric Maskin, winner of the 2007 Nobel Prize in Economics, have provided relevant theoretical support for the study of integrated technology markets.

As is well known, due to the complexity and uncertainty of technology, technology trading contracts are often incomplete in the construction process of the national integrated technology trading market and the national unified technology trading service platform. This involves the core issue in incomplete contract theory - the allocation of residual control and residual claim rights. The residual control right is the decision-making power over matters not explicitly stipulated in the contract, while the residual claim right relates to the distribution of benefits that are not defined in detail in the contract. In technology trading, if the contract cannot fully cover all aspects of technology development, evaluation, conversion, trading, matching, allocation, etc., it is particularly crucial to allocate these two rights reasonably. If one party has more residual control, it can play a leading role in adjusting the direction of technological development and responding to unexpected situations; The reasonable allocation of residual claims can ensure that all parties receive fair and reasonable returns when the technological transaction results bring benefits. Reasonably handling the allocation of residual control rights and residual claim rights can help reduce disputes caused by incomplete contracts and promote the stable development of the national integrated technology trading market.

It is reported that the construction of the national unified technology trading service platform is a key measure to implement the major decisions and deployments of the Party Central Committee, accelerate the construction of a unified technology trading market, and promote the deep integration of scientific and technological innovation and industrial innovation. Through this platform, technological innovation achievements can be promptly implemented in specific industries and industrial chains, enabling technology to better serve the development of the real economy. The platform has a clear architectural design and will create a national platform, equipped with several regional node platforms and industry node platforms. This layout has multiple positive effects. On the one hand, various regional and industry node platforms can achieve data sharing with the national platform, such as relevant industry data, exchange data, and other data resources, which can be exchanged. Based on comprehensive and detailed data, all parties can deeply focus on the industrial characteristics, resource endowment, and actual development needs of different regions, and carry out the transfer and transformation of scientific and technological achievements. On the other hand, with the help of the platform's functions, it is possible to promote the precise integration of technological achievements with industrial application scenarios, overcome the difficulties and barriers of finding suitable application scenarios for the transformation of technological achievements in the past, and enable technological achievements to quickly and accurately find their "place of use". Moreover, it can further promote the deep integration of the industrial chain and innovation chain, laying a solid foundation for the high-quality development of the industry, the improvement of innovation capabilities, and the creation of new quality productivity, and helping China steadily move forward on the path of technological innovation and industrial upgrading.Next, the Torch Center will work closely with all member units of the consortium to accelerate the construction progress of the national unified technology trading service platform project in accordance with the requirements of the Party group and expert opinions on platform construction, and make greater contributions to promoting the deep integration of scientific and technological innovation and industrial innovation, and cultivating and developing new quality productivity.