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Scientists at Chinese research institutes will be able to profit from their breakthroughs in science and technology under a proposed law amendment.
The amendment, which is being reviewed by Chinese top legislature--the National People's Congress (NPC)--is aimed at encouraging research institutes and universities to develop their scientific discovery into commercial projects. It also promotes partnership between scientists and companies.
Under the law, state-owned research institutes will be able to benefit by transferring or licensing the use of their work.
Instead of turning over gains to the central treasury under the existing rules, firms or factories can pay directly to scientists who contributed to the project.
Zhao Lu, a senior official from Financial Ministry said this law will help a bunch of scientists to become millionaires.
However Wang Zhenjiang, an official at the State Council said scientific breakthroughs are not often connected to market demand.
The amendment is expected to take effect after Chinese lawmakers' approval during the upcoming annual session of the NPC in March.