China plans to use market values to determine funding of technology research projects, the South China Morning Post reported. Ma Songde, vice-minister of science and technology, told the newspaper that growing academic fraud and corruption required increased transparency in funding applications. A series of academic frauds that have come to light this year rocked the credibility of mainland universities and the results of their research projects. Hi-tech industries account for less than 10% of China's GDP and 88% of the country's hi-tech exports are produced by foreign enterprises or joint ventures, Ma said. This flies in the face of China's goal of becoming a "powerhouse of innovation".