May. 31, 2011
China has earmarked RMB 2 trillion ($309 billion) for science and technology in its 2011-2015 Five-Year Plan. Biotechnology – including biopharmacy, bio-engineering, bio-agriculture and bio-manufacturing – will be a major priority, according to Yandong Liu, Chinese State Councilor and member of the Politburo. The goal of the funding is two-fold: to improve the quality of life in China and to add one million new jobs by 2015. More than RMB 10 billion will be allotted to support the development of biopharma.