With China's economy showing signs of a general slowdown after years of red-hot growth, government officials have signed off on a plan to spur its emerging biotech industry, one of 7 sectors slated for special care.
"It is an important and strategic task to develop strategic emerging industries, particularly when the economy is facing increasing downward pressure," noted the Chinese cabinet on its spotlight approach to economic development. China also plans to accelerate the growth of its information technology industry as it pushes new energy initiatives among its list of development priorities.
China Securities Journal reports that the total output value for the country's biotech industry will hit $630 billion by 2015, as officials act on the country's blueprint for fast growth.
The Chinese government has a number of economic tools at its disposal when it decides to spur growth in a particular industry. Infrastructure development can happen almost overnight in China, with fast-track construction policies and encouragement for private sector investments. And Big Pharma has been an avid student of the country as a long lineup of companies set up ambitious R&D operations in the country as China's pharma market quickly expands.