China should accelerate the trading of technology which provides a good opportunity for the country to overcome its weakness in knowledge transfer, participants said at the first China (Shanghai) International Technology Fair yesterday.

Chen Deming, president of the Association for Relations Across the Taiwan Straits and China's former minister of commerce, said China should take advantage of the trade in technology to offset unfavorable economic conditions such as rising costs, deteriorating environment and manufacturing overcapacity.

"We should further improve our business environment for technology transfer, and open up more to the global market," Chen said at the fair. "There is vast room for cooperation in trade of technology with foreign countries, and we hope in the foreseeable future, China will become an important supplier of technology transfer in the world."

The Ministry of Commerce said China's trade of technology totaled US$73.6 billion last year, which was 20 times the value in 1978. The potential of raising the trade in technology is huge because it only makes up a tiny portion of the total trade now.

Tian Lipu, commissioner of the State Intellectual Property Office, said China needs to continue to improve intellectual property protection before it embarks on increasing the trade in technology transfer.

"China has made and will continue to make efforts on intellectual property protection," Tian said. "For business in technology, IPR is like air for people and water for fish."

Tian said China surpassed the United States last year to become the world's leader of applications filed for patents, accounting for nearly 30 percent of the global total. This further proves that China has made progress in increasing awareness of IPR.

He added that China has enhanced the fight against output of counterfeit products, with 6,512 cases handled last year.