Chinese local governments compete for startup biotechs

Many high-profile startsups prefer crashing in crowded mega Chinese cities. For example, Zai Lab is located in Shanghai, and BeiGene chose to stay in Beijing, comments The Pharma Letter’s China correspondent Wang Fangqing.

Big cities have benefits like good infrastructure and rich talent pool, but the living cost and the cost of keeping talent is running so high that some entrepreneurs are looking for other places.

The good news is, as China is determined to improve value and quality across industries under the initiative “Made in China 2025,” many local governments, such as those in Hangzhou, Suzhou and Wuhan are competing hard for high-tech companies.