An institute for intellectual property management was established in the School of Management at Zhejiang University on March 23. It will provide support for Chinese enterprises seeking international competition and boost the country's intellectual economy's development. The move was the first time one of China's top business schools established an institute specializing in IP management education, training and research. So far, about 70 percent of the country's basic research and 50 percent of high and new technologies are finished in universities and research institutions. But technology transfer in universities and research organizations has long been a difficulty. Achievements of universities are insufficiently protected and developed, because scientific research personnel are not always in tune with business operations and lack a deep understanding of market demand.