Zhu Shen GEN article on China life science industry
Mar 01, 2009
SABPA in Media
Mar 1 2009 (Vol. 29, No. 5)
China Stays Committed to Biodevelopment
Country’s Life Science Companies Attract Investment Despite Global Economic MeltdownBy Zhu Shen, Ph.D
The global economic meltdown has finally slowed the unparalleled engine of growth responsible for China’s 30-year economic miracle. Chinese GDP, which has been growing at an annual rate of 10–15%, is projected to grow at only 8% or less in 2009. For the first time in three decades, the suddenly anemic global demands for consumer and durable goods, many of which are made in China, caused a sharp drop in Chinese exports and a loss of manufacturing jobs in China.
This is forcing China’s leadership to rethink its economic growth strategy beyond heavy export and investment. The $586 billion Chinese economic stimulus package unveiled in Beijing late last year signified a move to promote domestic consumption and build better infrastructure.