In its bid for unprecedented output from bioindustry, China plans to adopt a three-step strategy that will propel it to the forefront of the global bioindustry.

The chief of science & technology of China expected greater dynamism in bioeconomy development that will result in unprecedented output in the years to come, according to the news reported by Chinadaily.

The news on Chinadaily quoted Wan Gang, science & technology minister, saying, "The total output value of the bioindustry will reach 500 to 800 Billion Yuan by 2010. The industry value will be about 1.5 Trillion Yuan by 2015. By 2020, the value of the segment will hit 2 to 3 Trillion Yuan, accounting for more than 4% of the country's domestic gross product."

Realizing this goal requires China to embrace a three-phase strategy to fortify its science & technology base. The initial phase between now and 2010 will comprise of technology assimilation. The second phase will last upto 2015 and will see China’s emergence as a single power in bioindustry while its priority in the last stage (up to 2020) will be to retain its leadership status.

Ten priorities have been identified by China for meeting its target - agriculture-oriented biotechnology, medical biotechnology, biofuel technology, marine biotech and environmental biotech - to fuel the bioindustry. The plans also include upgrading the financing mechanism and designing an improved investment environment.

Greater importance is also being accorded to encouraging breakthrough in thirty-five categories of vital biotechnologies, like genetic modification and stem cell technology.

The main intention behind this target is China’s desire to improve its current bioeconomy. It is China’s hope that by achieving its desired growth in biotechnology, it will be able to reduce the discharge of pollution, lower biofuel production costs, and ease the pressure of energy shortfalls. China also wants to tune its bioindustry in such ways so that it can become the world’s biggest exporter of biofuel.

A RNCOS research analyst explains, “For the Chinese bioeconomy to create a better industrial environment, it must have favorable protection policies for financial, excise, sponsorship and academic property right in place for improving the industrial environment. Increasing bioindustry production would contribute towards lowering the agricultural production cost, facilitating medical revolution, promoting industrial manufacturing, minimizing emission and easing the handicap of energy shortage”.