The genetics industry is developing rapidly in Qingdao FTZ. [Photo/WeChat ID: qingdaozimao]

The China (Shandong) Pilot Free Trade Zone Qingdao Area, or Qingdao FTZ, recently issued a trial policy in support of the development of genetic technology business incubators.

The policy, which is valid until Dec 31, 2024, said the Qingdao FTZ will give funding of up to 1 million yuan ($137,685.33) to relevant enterprises in a bid to further promote the development of the industry.

In recent years, the Qingdao FTZ has developed a number of strategic and reserve technology research and development and industrialization projects, gathered more than 1,000 professionals in the genetic technology industry and blazed a new trail in the development of the industry.

The policy supports innovation and entrepreneurship carriers who promote the transformation of scientific and technological achievements and cultivate high-tech genetic technology enterprises, aiming to encourage leading genetic technology enterprises and other diversified capital to participate in the investment, construction and operation management of industrial incubators, and promote the entry, agglomeration and development of related industries with genetic technology as the core.

According to the policy, the Qingdao FTZ will develop and construct industrial incubators in the gene science and technology industrial park.

The policy said that if an industrial incubator is recognized as a national, provincial or municipal-level incubator, the Qingdao FTZ will give matching incentives of 1 million yuan, 500,000 yuan and 300,000 yuan, respectively, to the operating and managing institution. If it is recognized as a national-level maker space, it will be given matching funding of 300,000 yuan to the operating and managing institution.

The Qingdao FTZ's genetic technology industry has developed rapidly, and the industry's output value is expected to exceed 4 billion yuan this year.

In the next step, the Qingdao FTZ plans to implement the "Double Thousand" plan which aims to build a gene science and technology valley of more than 1,000 mu (66.67 hectares) and complete the sequencing of more than 1,000 marine biological genes. 

Based on major gene science and technology projects, the area will accelerate the construction of gene science and technology platforms in the fields of ocean, breeding and health, establish cradles for genomics spatiotemporatomics, build a national marine gene bank and a national gene science and technology industry cluster, and strive to become a hub for gene science and technology talent in northern China.