China aims at annual biofuel production to USD 1.7bn by 2015 - report

Jan 7, 2012 - The Chinese government intends to boost the annual production value in the biofules segment to CNY 150 billion (USD 1.7bn/EUR 1.3bn) by 2015 as part of a plan to spur the country's biotechnology industry, Xinhua said Sunday.

The government's strategy envisages boosting the output of China's biotechnology sector by more than 20% a year between 2013 and 2015, the news agency said, citing China's State Council. In addition, it will improve innovation and technological activities in the segment and support the development of biofuels, new medicines and environmental projects, which is intended to solve issues related to population growth, food safety and environmental problems.

Since 2006, the output of the biotech sector has increased at a rate of over 20% a year to a total CNY 2 trillion in 2011. By 2015 the government will strive to make it responsible for 8% of the country's gross domestic product (GDP).

The biotech industry is planned to be one of the seven industries, alternative energy and energy conservation included, to receive state support in the following years and help domestic consumption and technological advance enhance China's economy.

(JPY 100 = USD 1.139/EUR 0.873)

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