China has decided to simplify procedures for research institutions and colleges to manage their scientific findings as part of efforts to stimulate innovation-driven growth.

Central-level research institutions and colleges will decide to transfer, license or invest their scientific achievements (excluding those involving State secrets, national security and core technologies) of their own accord, without having to get prior approval from regulatory departments and the Ministry of Finance, according to a notice by the Ministry of Finance.

They will also decide whether or not to conduct an asset assessment of their own free will when managing the achievements.

Income from the applications of the findings will be used to reward contributors and encourage further research and development, said the notice.

The ministry also asked local authorities to formulate detailed regulations in accordance with their own situations to make it easier for the applications of scientific achievements.

The move came as China is undergoing a shift to growth driven more by technology and innovation.

Data showed China's research and development (R&D) intensity, or the proportion of R&D expenditure to GDP, reached a record high of 2.19 percent last year.