China Launches 5 Year Plan to Develop Biotechnology Economy to $3.3 Trillion, GDP of China $14 Trillion

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China Launches 5 Year Plan to Develop Biotechnology Economy to $3.3 Trillion, GDP of China $14 Trillion

13th May 2022 | Hong Kong

China has launched a new 5-year plan to develop the biotechnology economy in China, growing the sector to $3.3 trillion in value.   The plan was released by China National Development & Reform Commission (NDRC).  China GDP is about $14 trillion (2020), while Hong Kong is $364 billion (2020) and Singapore is $340 billion (GDP).  In August 2021, China President Xi Jinping, at the 10th Meeting of China Central Finance and Economics Committee, has announced China’s new goal to promote common prosperity for all, not just for a few and not in the form of equal distribution, but common prosperity through a few stages including encouraging hard work and innovation, improving people’s livelihood, creating more inclusive & fair conditions to improve education level & development ability, and creating more opportunities for people to get rich.  With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs.  Since late 2020, China has increased scrutiny on China technology companies on monopolistic behaviours, security & data privacy, capital-raising practices, cryptocurrencies and operations of financial institutions, strengthening regulations, preventing excessive marketing approaches such as using soft pornography involving children & minor to drive usage of platforms and to tackle anti-competitive behaviours. Read More: China Crackdown | Common Prosperity

” China Launches 5 Year Plan to Develop Biotechnology Economy to $3.3 Trillion, GDP of China $14 Trillion “

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China President Xi Jinping, at the 10th Meeting of China Central Finance and Economics Committee, has announced China’s new goal to promote common prosperity for all, not just for a few and not in the form of equal distribution, but common prosperity through a few stages including encouraging hard work and innovation, improving people’s livelihood, creating more inclusive & fair conditions to improve education level & development ability, and creating more opportunities for people to get rich.  With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs. 

Since late 2020, China has increased scrutiny on China technology companies on monopolistic behaviours, security & data privacy, capital-raising practices, cryptocurrencies and operations of financial institutions, strengthening regulations, preventing excessive marketing approaches such as using soft pornography involving children & minor to drive usage of platforms and to tackle anti-competitive behaviours. Read More: China Crackdown | Common Prosperity

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