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China Sets Lofty Goals For Its Bioindustry
Posted on 06/28/2007 02:45:37 | Link | Post Comment
by Richard Daverman, PhD
ChinaBio Today
Investing Rules Must Improve Along with Science
China wants to be number one in the world in bioindustry output by 2015, with total output at a level of two to three trillion yuan ($250 billion to $380 billion) by 2020.
These goals were articulated by Wan Gang, Minister of Science and Technology, in remarks delivered at the Opening Ceremony of the 2007 International Conference on Bioeconomy, being held this week in Tianjin.
Wan expects Chinese bioindustry output to reach 500 to 800 billion yuan ($64 billion to $102 billion) by 2010, which will grow to 1.6 trillion yuan ($205 billion) in 2015. In these numbers he is totaling output from several sectors, including agriculture-oriented biotechnology, medical biotechnology, biofuel technology, environmental biotech and marine biotech.
In terms of important technologies, Wan listed 35 breakthroughs in key biotechnologies, mentioning especially stem cells and genetic modification technology.
But Wan said that more than science was needed. China must also improve the financing of bioindustry and it must encourage investment in the sector. In that same vein, State Councillor Chen Zhili called for improved fiscal, taxation, financing and intellectual property right protection policies as a way to bring bioindustry output to its full potential.
In his remarks, Wan outlined a three-step process in bioindustry development: until 2010, China will seek to accumulate technology; from then until 2015, China will become a world power; from 2015 until 2020, China will seek to maintain its pre-eminence.
RELATED READING:
- Healthcare Park to be Built in Suzhou, China
- China Biotech Weekly Review: TCM Goes Mainstream
- China Biopharma Strikes Deal for Antiviral
ChinaBio Today is a regular contributor to BioHealth Investor
_________________
ChinaBio Today
Investing Rules Must Improve Along with Science
China wants to be number one in the world in bioindustry output by 2015, with total output at a level of two to three trillion yuan ($250 billion to $380 billion) by 2020.
These goals were articulated by Wan Gang, Minister of Science and Technology, in remarks delivered at the Opening Ceremony of the 2007 International Conference on Bioeconomy, being held this week in Tianjin.
Wan expects Chinese bioindustry output to reach 500 to 800 billion yuan ($64 billion to $102 billion) by 2010, which will grow to 1.6 trillion yuan ($205 billion) in 2015. In these numbers he is totaling output from several sectors, including agriculture-oriented biotechnology, medical biotechnology, biofuel technology, environmental biotech and marine biotech.
In terms of important technologies, Wan listed 35 breakthroughs in key biotechnologies, mentioning especially stem cells and genetic modification technology.
But Wan said that more than science was needed. China must also improve the financing of bioindustry and it must encourage investment in the sector. In that same vein, State Councillor Chen Zhili called for improved fiscal, taxation, financing and intellectual property right protection policies as a way to bring bioindustry output to its full potential.
In his remarks, Wan outlined a three-step process in bioindustry development: until 2010, China will seek to accumulate technology; from then until 2015, China will become a world power; from 2015 until 2020, China will seek to maintain its pre-eminence.
RELATED READING:
- Healthcare Park to be Built in Suzhou, China
- China Biotech Weekly Review: TCM Goes Mainstream
- China Biopharma Strikes Deal for Antiviral
ChinaBio Today is a regular contributor to BioHealth Investor
_________________
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