China’s bio-industry output to reach US$1.5tn by 2022

The output of China’s biological industry is expected to reach US$1.5tn in 2022, reports Science and Technology Daily.

The compound annual growth rate of the bio-industry sector in China has been more than 15 percent since 2011, according to a white paper jointly released by the Tianjin Institute of Industrial Biotechnology and the Chengdu Library and Information Center – both of which are affiliated with the Chinese Academy of Sciences (CAS).

The industry is considered the ‘third wave’ of global biotechnology development, after medical biotechnology and agricultural biotechnology. Last year, it was worth approximately US$602bn, with China’s output in terms of fermented products ranked first in the world. Bio-energy substitutes in the country are also at the world renowned.

Moreover, in 2016 a total of 11,266 research papers on the subject were published in China, with CAS, Zhejiang University and Jiangnan University emerging as the leading research and development units.

Between 2014 and 2016, China’s public invention patent applications in the field of biotechnology reached 57,559, which accounted for more than 30 percent of the world’s total.

Beijing and the provinces of Shandong and Jiangsu were the top three patent and authorisation applicants.

-Written by Weida Li in GB Times.  See original article link here.