China to boost annual biofuel production to US$1.7 billion by 2015

The Chinese government has decided to enhance the country’s biotechnology industry and intends to boost the annual production value of its biofuels segment to CNY150
billion (US$1.7 billion) by 2015. China’s State Council said the government’s strategy aims to boost the output of China’s biotechnology sector by more than 20% a year between 2013 and 2015. The government will take measures to make the biotech sector contribute 8% to the country’s gross domestic product (GDP) by 2015.
 
The government said it will also improve innovation and technological activities in the segment and support the development of biofuels, new medicines and environmental projects, which are all intended to solve issues concerning population growth, food safety and environmental problems.
 
The government plans to grant state support to the biotech industry in the coming years and help domestic consumption and technological advances enhance China’s economy, along with other seven industries, including alternative energy and energy conservation. (January 7, 2013)