The output of China’s biological industry is expected to reach 10 trillion yuan (1.5 trillion U.S. dollars) in 2022. The compound annual growth rate of the bio-industry in China has been over 15 percent since 2011, according to a white paper on the industry jointly released by Tianjin Institute of Industrial Biotechnology and Chengdu Library and Information Center, both affiliated with Chinese Academy of Sciences.
Last year, the scale of the industry stood at about 4 trillion yuan. Output of fermented products ranked first in the world, and bio-energy substitutes in China are at the world’s forefront.
The report also said China’s bioindustry had seen enhanced innovation and improved technology. The industry is considered the ‘third wave’ of global biotechnology development, after medical biotechnology and agricultural biotechnology. Last year, it was worth approximately US$602bn, with China’s output in terms of fermented products ranked first in the world. Moreover, in 2016 a total of 11,266 research papers on the subject were published in China, with CAS, Zhejiang University and Jiangnan University emerging as the leading research and development units.
Between 2014 and 2016, China’s public invention patent applications in the field of biotechnology reached 57,559, which accounted for more than 30 percent of the world’s total.