China's new private sector law fuels biotech growth

The New Private Sector Promotion Law marks a significant step in strengthening China's market economy by ensuring equal treatment for private enterprises in strategic sectors such as biotechnology. For the first time, the law explicitly guarantees private firms the same rights as state-owned enterprises in government procurement—a major milestone in China's ongoing reform and opening-up. Xiong Tao, Vice President of Global Development at BGI, told CGTN's Xu Xinchen that this progressive law opens the door for even broader collaboration in the biotech field, from shared genomic databases to expanded procurement opportunities and public-private partnerships—further advancing China's biotech leadership and improving lives nationwide.