Be the first to like this
Industrial Biotechnology, referring to the application of biotechnology in industrial processes based on renewable resources, is expected to compete with or even replace the existing petroleum-based products or chemical processes.
China's biotechnology development focuses on agriculture, pharmaceutical, energy, chemical and environment. Output value of China's biotechnology industry has developed rapidly with CAGR of 30% since 2005, largely attributed to Chinese government's increasing attention to biotechnology and growing number of biotechnology companies.
Chinese government has initiated several programs, aiming in 2020, China's total biotechnology industry output value will reach USD 3,660 billion, accounting nearly 4% of China's GDP. Although abundant biotic resources and increasing biotechnology talents make it possible for China to achieve its goal, lack of capital, advanced technologies and equipment has become bottlenecks, as most Chinese biotechnology companies are of small-scale and have weak innovation ability.