(Yicai) Oct. 24 -- The Shanghai government will support the development of synthetic biology start-ups, which are firms that apply engineering principles to develop new biological parts, with the aim of becoming at high-end biomanufacturing industry cluster of global influence by 2030.
The mega city plans to build industrial bases, promote international tie-ups and support businesses in the field of synthetic biology, according to a document recently released by the Shanghai municipal government. By 2025, there will be more than 10 top firms with worldwide influence in the city and around three to five companies will have gone public, it said.
Shanghai will support the formation of leading enterprises, advanced research and development institutions and major industrial projects in the field of synthetic biology at home and abroad, it said. The city will encourage key firms to carry out mergers and acquisitions in the sector and cultivate high-tech companies in sub-fields, it added.
To achieve these goals, the municipal government will strengthen funding guarantees, it said. It will ensure continued investment in special funds, improve diversified fund guarantee mechanisms and set up market-oriented industrial guidance funds with the local government as the guarantee institution. More innovative regulatory policies should also be explored, it added.
Editor: Kim Taylor