How China plans to achieve self-reliance in technology
What's the story
China is betting big on bio-manufacturing as a way to achieve technological self-reliance and drive economic growth. The move comes as part of the country's next five-year plan, which seeks to elevate the sector alongside electric vehicles and semiconductors. The Ministry of Industry and Information Technology (MIIT) recently announced that 43 companies and research institutes have been selected in the first batch of pilot-scale manufacturing platforms for various products.
Sector significance
Bio-manufacturing: A key player in China's economic growth
The MIIT's plan highlights bio-manufacturing as a major contributor to China's economic growth. John Yung, Citigroup's Managing Director and head of Asia healthcare research, said that "in the coming years, biotech, including innovative drugs, will definitely be a top priority for the country." He added that China needs to develop its entire ecosystem by upgrading manufacturing lines and production capacity while expanding clinical management abilities.
Strategic focus
A cornerstone of China's 15th 5-year plan
Yang Huang, head of China healthcare research at JPMorgan Chase, also emphasized the importance of bio-manufacturing in China's economic growth. He noted that "biological manufacturing has been identified as one of the key economic growth drivers in the government's 15th five-year plan." This further underscores how critical this sector is to China's future technological and economic ambitions.