The President expressed frustration today with the commitment of China to buy the US biotech industry and move it to China. His frustration arose after the Chinese government announced that it aims to double the share of GDP that the sector’s value-added output accounts for by 2015 from the 2010 level, according to a biotech industry development plan unveiled by the State Council, or China’s cabinet. The sector will see its output surge at an average annual rate of more than 20 percent from 2013 to 2015, according to the plan.
Mr. Romney commented that this was unfair, afer all most of the R&D that led to this industry existing had been paid for by the US taxpayer. “We spend $30 billion a year on the NIH and now China wants ot buy that work and make money? The Chinese government is targeting an annual production value of 23.8 billion U.S. dollars by 2015 for the biofuel sector, Don’t they know this is unfair?”