China to invest in agri-biotech

Beijing may quadruple spending in biotechnology by 2010 to improve food security, according to Jikun Huang, director of the Center for Chinese Agricultural Policy in Beijing. China is responsible for about 20% of global research and development investment in the sector, the Financial Times reported. The Chinese government spent US$200 million in 2003 on biotechnology and the amount has since doubled. In 2006, China imported 17 million tons of soybeans from the US, Brazil and Argentina. The official budget for the next five years has not yet been finalized.