China's biotechnology industry is emerging as a global powerhouse, according to Chen Ziyi, head of Asia healthcare research at Goldman Sachs. About one-third of drug candidates in active clinical trials worldwide are now Chinese-developed, with 50 percent of new assets entering human studies in the first half of 2025 originating from China. This wave of innovation is driving a boom in cross-border licensing, with 20-30 deals per quarter placing Chinese biotech assets in global markets.