China to boost biotech industry

By 2015, the government aims to double from the 2010 level the share of GDP that the sector's value-added output accounts for, according to a biotech industry development plan unveiled by the State Council, or China's cabinet, Shanghai Daily reported.

The sector will see its output surge at an average annual rate of more than 20 percent from 2013 to 2015, according to the plan. The government also plans to improve the sector's innovation and technological prowess to make it a pillar industry by 2020.

New medicines, crops, biofuels and environmental technology are needed to protect the health of an ageing population, ensure food safety and save energy, the plan says.

The government is targeting an annual production value of 150 billion yuan (about 24 billion) by 2015 for the biofuel sector.

The sector is one of seven emerging industries which the Chinese government aims to promote over the next few years to turn domestic consumption and technological innovation into driving forces for the economy.

The government has set a goal of ensuring that the combined value-added output of the sector will account for 8 percent of the GDP by 2015.