China’s government has announced more detailed plans to boost its biotech industry over the next several years. The initiative includes improving innovation within the sector, enhancing its technical prowess, and ultimately doubling the output of this sector’s share of the GDP by 2015. Their ultimate end-goal – make China’s biotechnology sector an industry pillar by 2020.
Looking at their biofuel sector as a specific example, “the government is targeting an annual production value of 150 billion yuan ($US 23.8 billion)… according to the plan.”
For those following emerging market news in the biotech space – and news about China’s continual biotech sector growth in particular - some aspects of this plan should not come as a surprise. When China’s legislature released the country’s 12th five-year plan in 2011, the biotechnology sector was featured very prominently as part of their economic growth strategy through 2015. Now, with various domestic issues such as population growth and food safety becoming increasing concerns for the country, China views its success in biotechnology as a pivotal step toward addressing these matters. Recent statements from the government shown above help provide additional details regarding China’s implementation of the five-year plan and how it intends to transform factors such as increased domestic consumption into a driving force for their economy moving forward.
In this five-year plan, the biotechnology sector is one of seven industry sectors China intends to promote over the remainder of this decade. Other sectors cited in the plan include various energy-related ventures (alternative energy sources, energy conservation and new energy powered vehicles) as well as equipment manufacturing, IT, and environmental protection.