China backs biotech in $9B support program

China will spend more than $9 billion in just two years to support its technology industry, and fostering the country's burgeoning biotech industry is a central theme.

"It is important to strengthen the role of technology in driving economic growth, which is also part of a series of government plans to tackle the global financial crisis," the State Council said in a statement. And state officials said that they wanted to help support biotech companies that could operate at a global level as well as fledgling developers.

A number of new biotech development initiatives have been adopted by the Chinese government. And the country has attracted a number of big research efforts as pharma companies migrate to China to take advantage of lower development costs and some of the world's best scientific talent.

- read the report from Reuters