ChinaBio(R) LLC Release: China's State Council Reiterates Support for Biotechnology
May 30, 2012 -- The State Council of China said it will increase support for seven high-technology industries – including biotechnology – as a way to stimulate growth in its economy. After all, growth is at a three-year low. In 2012’s first quarter China’s gross domestic product increased at only an 8.1% rate, anemic by China’s standards. The slowdown has caused speculation the country will announce a stimulus to rev up the economy. But a straight-out stimulus gives rise to criticism that China is creating artificial growth in an economy that has lost momentum. To avoid that, China may concentrate its investment in its seven favorite industries. Then the stimulus becomes a way of achieving its long-term goals while it also gives a short-term boost to the economy. More details....