China to Spend $308.5 Billion on Biotechnology; Expected to Generate 1 Million Jobs by 2015

China will spend 2 trillion yuan ($308.5 billion) on science and technology, making biotechnology a major priority, in the next five years, Chinese State Councilor Liu Yandong said at the ongoing 2011 International Conference for Bio-economy (Bio Eco 2011). The Chinese Government will work to further combine biotechnology with economic development and with improving ordinary people's livelihood, Liu said. "The development priorities of the 12th Five-Year Plan (2011-2015) - biopharmacy, bio-engineering, bio-agriculture and biomanufacturing - will bring benefits to Chinese people."