Bioeconomy Becomes Burgeoning Force

Source:China Daily Published 9:41 AM, Tues July 12,2022

A technician of Beijing-based biotech company EdiGene processes cell samples at the company's lab in Beijing. CHINA DAILY

National plans help drive rapid advances in growing sector

China is betting big on the bioeconomy, with intensified efforts to invest in and expand its capabilities in the area.

The country sees rising potential in the burgeoning sector, which is predicted to be worth 22 trillion yuan ($3.28 trillion) in 2025, said Bai Jingyu, director of the innovation-driven development center of the National Development and Reform Commission.

Officials, experts and business executives said innovative development in life sciences and biotechnology is spurring rapid growth in medicine, health, agriculture, energy and other sectors of the Chinese economy.

This activity－collectively referred to as the bioeconomy－is expected to inject new impetus into the economy and foster green, low-carbon and high-quality development, creating new business opportunities for global stakeholders.

Given the huge shocks produced by the COVID-19 pandemic, governments and large biopharmaceutical companies across the world have increased their investment in biosecurity, vaccines and medical research and development, driving rapid development of the sector.

Given the growth potential, China has been accelerating the push to spur technological innovation and industrial development in the sector, aiming to gain a competitive edge globally.

China's top economic regulator unveiled a new plan in May to spur the bioeconomy during the 14th Five-Year Plan period (2021-25). It aims to meet rising domestic demand for healthcare and better lives, foster high-quality economic development, prevent and control biosecurity risks and modernize China's system and capacity for governance during the period.

The NDRC said in a statement that the new plan is in line with the requirements of the 14th Five-Year Plan, which pledges to promote innovation and the integration of biological and information technology as well as accelerate the development of biomedicine, biological breeding techniques, biomaterials, bioenergy and other industries to enhance the sector in scope and strength.

Under the plan, the bioeconomy－a model focusing on protecting and using biological resources and deeply integrating medicine, healthcare, agriculture, forestry, energy, environmental protection, materials and other sectors－will become a key driving force to boost high-quality development by 2025.