The bioeconomy of China will be taking a greater leap towards development, focusing on its output in the upcoming years, chief of the country’s science and technology said yesterday.

Minister of science and technology Wan Gang reported, "The total output value of the bioindustry will reach 500 to 800 billion yuan by 2010. By 2020, the value of the segment will hit 2 to 3 trillion yuan, accounting for more than 4 percent of the country's domestic gross product”. The statement was said yesterday in Tianin during the official opening of the 2007 International Conference on Bioeconomy.

The country will carry out a three-step strategy in order to improve its science and technology department. Starting this year until 2010, as part of the first step, China will focus on technology accumulation. The second step, until 2015, will be involved in the country’s emersion as one of the world powers in technology. On the third step which will last until 2020, China will centre on upholding its position at the top.

Alongside the strategy, China has laid out 10 priorities, such as the agriculture-oriented biotechnology, marine biotech, biofuel technology, medical technology and environmental biotech, the minister stated.

China is also focusing to make productive insights in the 35 categories of the major biotechnologies, including genetic modification and stem cell, Wan added.

Wan commented that to drive bioindustry, the financing mechanism should be improved and a competent investment environment must be created.

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