Beijing Announces $74 million in Biotech Grants for 2009-10

The Municipal Government of Beijing recently announced a revision to the biotech section of the city’s 11th Five Year Plan (2006-2010). The government will invest 505 million RMB ($74 million) into the biotech sector during 2009-10, funding eight major projects. The goal is to foster an annual output from Beijing’s biotech sector of 54 billion RMB ($7.4 billion) by the end of 2010. That would equal 16 billion RMB ($2.3 billion) of added value, representing a growth rate of 15% in 2009 and 13% in 2010. More details...