China’s biotechnology industry is estimated to have an output totaling ¥10 trillion ($1.2 trillion—$1.51 trillion) by 2020, according to a report released by the social development department of the Ministry of Science and Technology and the China National Center for Biotechnology Development. The value of the burgeoning Chinese biotech industry as a whole is forecast to account for more than 4% of the nation’s GDP by 2020.

In comparison to other countries, the report indicates that China is either the world leader in biotech or on par with developed countries in specific biotech fields, such as super hybrid rice breeding technology and application, transgenic plant research and animal somatic cell cloning. China is also a leader in the development of biofermented products, with the report stating that biofuels are replacing the equivalent of more than 33 million tons of coal each year. The country’s biotech products are in high demand overseas, resulting in high production volumes. Also, the report indicated that China’s pharmaceutical exports are changing from APIs to preparations.

Source: XinhuaNet