news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

Economic Observer Gao Ruoying Chen Yueqin/Text In Guangming District, the northern center of Shenzhen, Gongchang Road runs east-west and directly connects to Dongguan. With this road as the horizontal axis, in the northeastern part of the city, opposite the corner of Sun Yat-sen University Shenzhen Campus, is an 8-story narrow building.

This ordinary-looking physical carrier stands here, but it contains enormous energy: hundreds of millions of capital flows, a talent pool dominated by world-renowned universities, and national support policies, like a torrent of life that nourishes the reproduction of microorganisms, have all flowed here in the past six years.

Hundreds of synthetic biology start-ups ferment, multiply and metabolize like bacteria in this building. The story of "top journal articles are published in the morning, and the company completes financing in the afternoon" is widely circulated.

As the core of the synthetic biology industry in Guangming Science City, Shenzhen Engineering Biology Industry Innovation Center (hereinafter referred to as the "Innovation Center") not only helps enterprises to transform technology and provide financial support, but also covers more mature synthetic biology industrial parks and national industrial innovation platforms.

Synthetic biology has achieved remarkable results in the fields of bioenergy, biomaterials, medical technology, and the exploration of the laws of life. This technology is regarded as the third revolution in the field of life sciences after the discovery of the double helix structure of DNA and the Human Genome Project.

From the global synthetic biology investment explosion in 2021 to the current cooling-off period of the industry, the imaginative synthetic biology industry is regrouping globally. In order to gain a deeper understanding of the underlying technology, innovation ecology and industrial layout of biomanufacturing, the Economic Observer New Productivity Research Group came to Shenzhen Guangming District Science City, one of the three innovation highlands of China's biotechnology industry.

Today, there are a group of innovative and entrepreneurial companies with a total valuation of over 10 billion yuan. Statistics show that among the more than 400 biomanufacturing companies in China, nearly 300 are start-ups. Nearly half of these start-ups are from Shenzhen, and Guangming District has gathered nearly 80% of Shenzhen's biomanufacturing start-ups.

On July 14, the first national-level industrial innovation platform in China's biomanufacturing field, the National Biomanufacturing Industry Innovation Center, was officially established in Guangming District. Prior to this, Guangming District had many "firsts in the country", including the first major scientific and technological infrastructure for synthetic biology in the country, the first national key laboratory for quantitative synthetic biology in the country, the first synthetic biology college in the country, and the first special policy for the synthetic biology industry in the country.

Today, in addition to these conditions, the new development direction of Guangming District, Shenzhen's youngest administrative district, is worth asking: How did Shenzhen Guangming Science City start from scratch six years ago and bring together enterprises, talents, and capital to form a synthetic ecosystem? Just as synthetic biology is the redesign and synthesis of organisms, when these resources are gathered here, can new life emerge in the industrial ecosystem?

Gene

In 2012, the US government released the National Bioeconomy Blueprint, and the bioeconomy carrying synthetic biology became the national strategy of the United States. According to a study by the Wilson Center, the total investment of the US government in synthetic biology research from 2008 to 2014 exceeded US$800 million. The American biological company Ginkgo Bioworks was founded in 2008 when the policy was in full swing. Five years later, Zymergen was born. Amyris, which was founded the earliest, achieved commercial production of artemisinin using yeast strains at almost the same time.

In the same year, Shenzhen welcomed the earliest batch of entrepreneurs in the field of synthetic biology. In 2012, Zhang Qi, who worked in enzyme engineering research and development in the United States and obtained a doctorate in Hong Kong, founded Bontai Bioengineering (Shenzhen) Co., Ltd. (hereinafter referred to as "Bontai Bio").

Zhang Qi used the whole enzyme catalysis technology and worked hard for three years to achieve industrial-scale production of coenzymes such as NAD and NMN, which was a first in the global industry. According to their idea at the time, whole enzyme catalysis could replace traditional methods such as chemical synthesis and help high-polluting enterprises achieve transformation.

As a "lone hero" in the early days of the domestic synthetic biology industry, Bontai Biotechnology has embarked on a pioneering road of self-reliance. In 2015, Bontai Biotechnology completed its A round of financing and established the first green biosynthesis research institute in China; the following year, it completed its B round of financing, obtained a special fund of 30 million yuan from the Shenzhen Development and Reform Commission, and established the first provincial coenzyme engineering technology research center in China and the only one in Guangdong Province. In 2017, Bontai Biotechnology built an enzyme production base with an annual output of 1,000 tons.

At that time, green industry, green buildings and green transportation were the three pillars supporting the Guangming New District, the "Green Valley of Shenzhen". The background of Guangming New District and the "green" that Bontai Biotech did to subvert the traditional chemical synthesis industry did not have much overlap. But the situation soon changed qualitatively.

While Bontai Biotech is planning to expand its production capacity, Shenzhen has also started to make plans in the field of science and technology. In May 2017, Shenzhen issued the "Implementation Plan for the Construction of Ten Major Scientific and Technological Infrastructures", which clearly stated that a number of major scientific and technological infrastructures should be planned and systematically laid out. Synthetic biology research facilities are one of them. In December of the same year, the Shenzhen Institute of Advanced Technology of the Chinese Academy of Sciences established the first synthetic biology institute in China. This is also the first institutionalized synthetic biology institution in China.

Just as synthetic biology redesigns organisms through biotechnology, the genes of Guangming New District also began to be rewritten in 2018. On September 19 of the same year, Guangming District was established. While becoming the youngest administrative district in Shenzhen, Guangming District also took on the task of building a world-class science city and the northern center of Shenzhen.

In 2018, a major scientific and technological infrastructure project for synthetic biology research (hereinafter referred to as the "big facility") was first implemented in Guangming Science City, invested and constructed by the Shenzhen Municipal Government, with the Shenzhen Institute of Advanced Technology of the Chinese Academy of Sciences as the lead construction unit, and BGI Life Sciences and Shenzhen Second People's Hospital participating in the construction.

The large facility aims to build a basic large platform for the intelligent design and automated casting of artificial life forms, attempting to achieve the integration of a user's "cloud laboratory" and an operator's "smart laboratory", which is open not only to academia but also to industry. In August 2020, the Shenzhen Development and Reform Commission approved a total investment estimate of 722.2 million yuan for the project.

Growth

If we can use the word "imaginative" to describe Guangming District as a highland for the synthetic biology industry, five years ago it was just a construction site. As for what to do next, it was almost "all up to imagination."

Large facilities for synthetic biology research are the origin of this business. Luo Wei, whose academic background is in molecular biology, worked hard in the United States for more than ten years after graduation. In 2019, he joined the Shenzhen Institutes of Advanced Technology of the Chinese Academy of Sciences, with the sole purpose of this large-scale facility project.

At that time, Guangming Science City was a blank slate, and industry awareness was also a "wasteland". Around 2019, synthetic biology had not yet attracted market attention in China, and there were few companies. Investors who focused on quantitative indicators such as return on investment also had doubts when listening to the story of synthetic biology's "natural creation".

Luo Wei didn't even dare to write the location of employment on the recruitment brochure. When applicants heard that the job location was in Guangming District, some took a quick look and left, while others didn't even come.

In 2019, when the first Engineering Biology Innovation Conference was being planned, no one showed up at first, so Luo Wei could only call people one by one to attract them. Since there was no mature conference center, the conference was held in the lobby where wedding banquets were held. The first Engineering Biology Innovation Conference finally attracted 200 people.

Although pioneering is difficult, supporting support is also coming. In October 2019, the Shenzhen University of Science and Technology of the Chinese Academy of Sciences was approved for establishment, and the School of Synthetic Biology is one of the six schools to be established. Six years later, Shenzhen University of Science and Technology is about to welcome the first batch of 120 undergraduates, with the lowest admission score of 624 points - equal to Sun Yat-sen University, the highest institution of higher learning in Guangdong Province.

In 2021, with the policy and financial support of the Shenzhen and Guangming District governments, the Shenzhen Engineering Biology Industry Innovation Center was established, led by the Institute of Synthetic Biology of the Shenzhen Institutes of Advanced Technology of the Chinese Academy of Sciences (hereinafter referred to as "the Advanced Institute") and the Shenzhen Institute of Synthetic Biology Innovation. Luo Wei serves as the director of the innovation center. "We didn't think of everything at the beginning." Luo Wei said that at the time he just firmly believed that synthetic biology had great prospects. From the first step of laying out large scientific equipment to solving problems later, this process is in line with the concept of synthetic biology. Synthetic biology forms a closed loop from design, synthesis, testing to learning, and continuously iterates engineering applications.

The "innovation upstairs, entrepreneurship downstairs" model pioneered by the Innovation Center has now been included in the "List of Innovative Measures and Experiences in the Shenzhen Special Economic Zone" by the National Development and Reform Commission and is being promoted nationwide.

In fact, this model was not planned in advance. Luo Wei said that at that time, there was only one suitable building, and due to practical conditions, they could only place scientific research and industry upstairs and downstairs. They later found that this arrangement made the exchange of resources between multiple parties more frequent, which brought tangible benefits to the company.

The experience of Luo Xiaozhou, the founder of Senruis Biotech (Shenzhen) Co., Ltd., has expanded the service radius of Luo Wei and the Innovation Center. Luo Xiaozhou, who has many honors such as "Outstanding Young Scientist" and the favorite student of Jay Keasling, a pioneer in synthetic biology, did not get any results after contacting more than 40 investment institutions around 2018.

This also became the motivation for Luo Wei and his team to take the lead in establishing a special fund for the synthetic biology industry. "In the beginning, social capital did not understand synthetic biology and was unwilling to invest, but we understood that we could raise funds and invest ourselves."

In addition, each company encounters different problems, such as the schooling of employees' children, elevators that are not big enough, failure to negotiate lease contracts with owners, how to treat sewage, etc. Every matter that Luo Wei needs to deal with is a very specific one.

Liu Chenli, Vice President of the Shenzhen Institute of Advanced Technology of the Chinese Academy of Sciences and Director of the Shenzhen Institute of Synthetic Biology Innovation, once summarized in a public speech: Shenzhen has done five things to promote the development of the synthetic biology industry. The first is the "upstairs and downstairs" innovation and entrepreneurship complex, namely the Shenzhen Engineering Biology Industry Innovation Center; the second is the annual synthetic biology industry conference held in Guangming District, Shenzhen; the third is the construction of synthetic biology industrial parks, such as Hengtai Yuhua South Medical Valley Life Science Park; the fourth is the establishment of a special angel fund; and the fifth is the introduction of policies at the municipal and district levels to support the development of the synthetic biology industry.

In Luo Wei's analogy, the innovation center is like a kindergarten, an early incubator for enterprises, equipped with a series of experimental infrastructure and instruments, focusing on scientific research and the transformation of results. When an enterprise grows to the pilot production stage, it can settle in the industrial park after graduation to promote the industrialization process, which is considered "primary school".

"Even so, we cannot guarantee that every company will be successful." Luo Wei said that the top priority of the innovation center at the current stage is to ensure the smooth flow of technology transformation channels. "It is more important to get the water flowing and create an atmosphere that allows for continuous transformation."

polymerization

In December 2020, when the "Guangming Science City 2020 Engineering Biology Innovation Conference" was held, Yuan Xiaoli, thousands of miles away, had just founded Hunan Daosheng Biological Co., Ltd. (hereinafter referred to as "Daosheng Biological") with his classmates who are biotechnology experts.

Before this, Yuan Xiaoli was investing in planting Radix Isatidis in Hunan. As a traditional Chinese medicine, Radix Isatidis is also the source of extracts of the natural pigment indigo. However, the various uncertainties in agricultural planting and long cycles made Yuan Xiaoli feel that this was an "extremely hard job."

In 2005, the US biotechnology company Amyris developed a yeast strain that can produce artemisinic acid, an important precursor for the synthesis of artemisinin, and purify and convert it into derivatives in artemisinin combination therapy. Using this technology, Amyris can replace 50,000 acres of agricultural planting with a 100-cubic-meter industrial fermentation tank, and can produce about 150 million doses of malaria treatment drugs each year, accounting for about half of the global total demand.

This incident inspired Yuan Xiaoli. “This is the same principle as extracting indigo from Radix Isatidis.” Yuan Xiaoli then tried to copy the genome, biological information and metabolic pathway of indigo production from Radix Isatidis into microorganisms, and use industrial methods to control the production of indigo from microorganisms. Daosheng Biology was born.

As the entrepreneurial ecology of Guangming District gradually improved, Daosheng Bio moved here. "If you want to establish an innovation-driven synthetic biology company, attract the best talents, contact investors from all walks of life, and realize your business vision, I can't think of a better place than Shenzhen Guangming Science City," said Yuan Xiaoli.

Among the startups in the field of synthetic biology, Daosheng Bio is a little different. Yuan Xiaoli does not have a doctorate in biology, and his previous entrepreneurial experience was as a software agent. In this field, it is more common for the founder to serve as the chief scientist. Although the founder has absolute say in the direction of innovation, the curiosity of scientists and the complex market demands of the business world are often out of sync.

A survey in the United States once showed that the failure rate of entrepreneurial ventures by American university professors was an astonishing 96%-97%.

However, scientist entrepreneurship is becoming a trend that cannot be ignored in the field of synthetic biology. In the survey, similar models of "Chief Operating Officer + Chief Scientist" have appeared in more companies. For example, Zhang Qi is the founder and chief scientist of Bontai Bio; later, Shu Shangke, who has an investment and industry background, joined the company as CEO (Chief Operating Officer). Whether a company can achieve commercial transformation of scientific and technological achievements has become a "thrilling leap" that determines the survival of synthetic biology companies.

In Yuan Xiaoli's view, scientists have wild ideas and want to synthesize everything. His role is to curb these innovative impulses and focus the research direction on more practical commercial orders at the current stage.

Daosheng Bio was founded just as the industry was booming. In 2021, a large amount of scientific research investment and capital attention helped the synthetic biology industry usher in a climax of development. According to data from research organization Synbiobeta, the total amount of financing in the field of synthetic biology in the world in 2021 was about 18 billion US dollars, equivalent to the total of the past 12 years.

In 2021, Guangming District also issued the country's first special support policy for synthetic biology, which will allocate 400 million yuan of fiscal funds for three consecutive years to support the industry in four aspects: strategic scientific and technological force construction, innovation chain construction, industrial chain construction, and ecological chain construction.

During this year, Yuan Xiaoli organized a team of experts to work overtime to see if the technical path could be taken. Under his command, the R&D team quickly completed the staged transition from small-scale trials to medium-scale trials.

In October 2022, Yuan Xiaoli moved the company to Shenzhen and officially moved into the Innovation Center after being selected by the Innovation Center. Yuan Xiaoli said that if he stayed in Hunan, he would have to run after investors every day. Now in the Innovation Center, he can receive several investment companies a day. Just the day before our visit, Yuan Xiaoli had just finalized the investment intention with the investor. "The overall environment is not very good now, and the valuation is not high, but I don't care. If the valuation of the company is too high, the pressure will be greater."

Two months after Daosheng Bio entered the Innovation Center, Shenzhen officially announced the overall plan for the "20+8" industrial cluster fund. The Shenzhen Guidance Fund coordinated the establishment of a "20+8" industrial fund group centered around strategic emerging industries and future industrial clusters, creating a new 100 billion fund group, with one fund corresponding to one industry, which will be invested specifically in the corresponding field.

Another person who was attracted to Guangming Science City was Chen Yu, a former senior researcher at BGI who represented the University of Science and Technology of China in the International Genetically Engineered Machine Competition (iGEM) in 2008 when he was a graduate student.

At that time, there were not many career opportunities in biology. After graduation, most of the students around him either became biology teachers in junior high schools or quality inspectors in mineral water factories. Chen Yu chose to study in Germany for seven years to find the answer.

In 2019, Chen Yu returned to China to found Beisheng Bioengineering (Limited) Co., Ltd. (hereinafter referred to as "Beisheng Bioengineering"). Chen Yu is a rare all-rounder who has both technical skills and keen insight into market development, and controls company operations, product development, and financing. He did not take the usual path of front-end research and development, but used software engineering concepts to guide the overall rational design of industrial microorganisms, trying to unlock the productivity of the bio-industry with ArchiCelTM (architected genomic material processing unit).

In 2022, with the recommendation of the Guangming District Government and the leadership of the Institute of Advanced Technology, Biosun moved to Hengtaiyu South China Medical Valley in the Synthetic Biology Industrial Park of Guangming Science City. In the same year, Bontai Bio also moved its headquarters from Bao'an District to here, becoming neighbors upstairs and downstairs with Biosun.

In addition, the South China Medical Valley has also gathered many synthetic biology growth companies such as Baikuirui, Baiyin, and Sailu Medical, and the industrial agglomeration effect is emerging. From 2020 to 2023, nearly 40% of newly established synthetic biology companies in China will be settled in Shenzhen, of which nearly 80% are concentrated in Guangming District, Shenzhen. As of now, the total number of synthetic biology companies in Guangming District has exceeded 116, with a total valuation of approximately 32 billion yuan.

Solution

The forces of innovation and entrepreneurship are gathering in Guangming Science City, but the emerging industries have entered a freezing period of "intergenerational gap" after experiencing the investment boom in 2021.

Not long ago, Ginkgo, a platform company and the world's leading synthetic biology company, was warned of delisting. Its total revenue in the first quarter of 2024 was US$38 million, a year-on-year decrease of 53%. Investors were dissatisfied with and questioned its performance and its business model as a synthetic biology platform. In August last year, Amyris, the originator of synthetic biology, filed for bankruptcy and planned to sell its consumer brand.

Chen Yu's observation is that there are very few successful cases of modern biotechnology in application. Companies have very good results in the testing phase, but why do they fail when it comes to industrialization? This is the biggest problem in the current development of biotechnology in his eyes.

Chen Yu believes that the crux of the problem lies in "cost and efficiency". Unlike the high return rate of the pharmaceutical industry, many current synthetic biology technologies are still aimed at replacing traditional chemical industries. Whether the cost and efficiency of current technologies are better than traditional chemical technologies is questionable. If this problem is not solved, large-scale industrial replacement will be difficult to occur.

The entrepreneurial direction of Biosense is based on Chen Yu's insight into the industry. He designed a design platform that is connected to biomanufacturing. Startups design according to the platform's specifications, and Biosense is responsible for manufacturing and delivery. The advantage of using the platform is that it can greatly reduce the various costs of the company in the startup phase. This is also the importance of restructuring the entire industrial organization of synthetic biology to enable the industry to expand rapidly in Chen Yu's eyes.

In addition to the inefficiency of the upstream supply side that hinders the development of the industry, companies are facing more problems in the development direction of preparations and brands in the downstream of the industry chain. The pitfalls that industry pioneer Bontai Biopharma has encountered in the past decade are also the problems that many start-ups may face.

Bontai Bio's most popular star product NMN, the full name of which is β-nicotinamide mononucleotide, is a substance present in the human body and certain foods. It was discovered by David Sinclair's laboratory at Harvard Medical School in 2012. Because it can be converted into coenzyme NAD+ related to human metabolism, it is considered to have anti-aging effects.

Ten years ago, most NMN raw materials could only be exported to markets such as Japan and the United States. After being gilded overseas, they would flow back to domestic cross-border e-commerce channels, achieving a sales price increase of dozens of times.

Ten years later, this single raw material that took nearly 20 years to develop in the field of synthetic biology and was one of the few proven to be effective, high-purity, and highly functional, showed a strong negative correlation between its production capacity and price curve: production capacity expanded rapidly, and prices continued to fall.

Before the market demand exploded, NMN sold for more than 200,000 yuan per kilogram. In 2019, when the mass production reached several thousand kilograms, Bontai Bio's annual revenue exceeded 100 million yuan. Ironically, five years later, when the output of NMN raw materials has reached hundreds of tons, the company's revenue has always hovered around 100 million yuan, and the price of NMN raw materials per kilogram has dropped sharply to 2,000-3,000 yuan.

The market, which is being slashed by price after price, does not seem to be bottoming out. At an industry exhibition in Shanghai this year, the head of an unknown new factory directly quoted a price of less than 1,000 yuan per kilogram.

In 2023, Zhang Qi, who had just completed the pilot test and market research, found that a large number of companies were also engaged in a price war for ergothioneine. The core strain can be bought on the market for 300,000 yuan. As long as there is manufacturing capacity, the raw materials can be mass-produced. Speaking of this experience, Zhang Qi shook his head and said, "It's too involutionary."

At present, whether it is NMN or collagen, or the currently popular weight loss drug semaglutide (glucagon-like peptide-1 receptor agonist GLP-1RA weekly preparation) and the antioxidant ergothioneine, they cannot escape the vicious circle of single product research and development breakthrough, rapid development, and encirclement and suppression by peers.

Behind this is a "bacterial war" without gunpowder smoke but terrifying. "Once the strain is developed, it is immediately copied." The "take-it-as-it-is" approach among peers made Zhang Qi angry and amused: a peer once stated in the patent application materials that its strain came from the soil at the entrance of the Bangtai factory. That was a strain of a core product that Bangtai had devoted itself to developing.

The authenticity of the origin of the strains is now impossible to verify. But in Zhang Qi's opinion, companies invest a lot of time and energy in the early stage of strain research and development, but when it comes to the production and manufacturing stage, peers can "use their fingers to pick a little bit" and as long as they have the ability to cultivate strains and microbial fermentation, they can enlarge and replicate the strains for production.

Zhang Qi said that the strain can be bought on the market for more than 200,000 yuan. In these secret transactions, the seller will not disclose the source of the strain. The strain may come from a laboratory or a biological company. Even if the company edits the gene sequence of the strain with a special mark, even if both parties present evidence in court, it will be difficult to prove the other party's theft or plagiarism because they cannot obtain the other party's strain.

Shu Shangke used the phrase "getting up early and arriving late" to describe the development difficulties of synthetic biology companies, which was not without humor. But it is undeniable that Bangtai Bio, which started earlier, paid enough "tuition fees" in its struggle. But Shu Shangke believes that "imitating peers, expanding the scale, and lowering the price" is the logic behind big chemical industry. If all synthetic biology companies continue to develop along this logic, homogeneous competition will be a red ocean.

One of Bontai Bio's countermeasures is to continue to move downstream and make high value-added products. Shu Shangke said that front-end research and development is Bontai Bio's advantage, and how to extend and innovate in product research and development and application may be the key to Bontai Bio's solution to the dilemma of internal circulation.

However, the road to brand development is not smooth at present. For example, NMN, a milestone anti-aging "longevity drug", has not obtained domestic additive approval after more than ten years of development, and all raw materials are still mainly supplied to overseas markets.

This has also created a strange phenomenon: despite the disapproval of domestic regulatory authorities, finished products have been able to enter the domestic market through cross-border e-commerce for a long time, with prices easily reaching tens of thousands of yuan. According to the companies, the cost of raw materials in the entire product is "almost negligible." Under the constraints of policies and regulations, the most profitable part of the industry has been taken away by foreign companies.

According to relevant sources, China currently allows the use of about 2,500 new food ingredients, while the United States allows the use of 18,000; in the field of cosmetics, China allows the use of more than 8,000, while the United States allows the use of more than 30,000. If these areas are liberalized, the market will be at least hundreds of billions of dollars.

Shu Shangke said that even if a raw material is developed, the competition is still more about large-scale production. Enterprises still need to develop high-quality and move to the back end of the industrial chain. "The raw material is worth one dollar, and the preparation is multiplied by one, the product is at least multiplied by 5, and the brand is multiplied by 10." Benchmarking against ADM, a Fortune 500 company and food and nutrition giant, Bontai Bio will become a high-value-added "Bontai inside" in the future.

During the survey, companies hope that the country will speed up the introduction of supporting policies. However, given the multiple factors of safety assessment of synthetic biology, public acceptance, and promoting industrial development, how should the fast or slow pace of industrial policy be controlled?

In the view of Li Yin, chief scientist of China Investment Corporation, we should consider how to further guide R&D personnel to carry out effective, industry-oriented scientific and technological innovation, carry out scientific and technological innovation that can create new demands, vigorously strengthen product application research and development, provide enterprises with more valuable technologies, provide society with more diversified products, and create new consumption scenarios.

"In short, we should accelerate the pace from innovation to industrialization in areas that do not require regulation, and achieve resonance among regulators, production and R&D personnel in areas that require regulation," said Li Yin.

During the survey, some people also suggested whether it would be possible to solve problems such as policy lags by establishing a "special zone" in Guangming, Shenzhen.

Whether it is the lack of legitimacy of the raw material identity on the upstream side, or the fact that the downstream application market is far from forming an ecosystem, entrepreneurs in China's synthetic biology industry are still searching for answers.

Behind these questions actually point to a key proposition: large-scale equipment can be deployed in advance, talents can be introduced through policies, capital can be tilted to support, and the missing elements for various enterprise development can be filled along the way, but if the market is not activated, how can an industry truly rise?

We hope that Shenzhen, a city with openness and reform as its genes, will be able to find a bright answer to the ultimate question facing emerging industries.

Copyright Statement: The above content is the original work of the Economic Observer, and the copyright belongs to the Economic Observer. Reprinting or mirroring is strictly prohibited without the authorization of the Economic Observer, otherwise the legal liability of the relevant behavior subject will be pursued in accordance with the law. For copyright cooperation, please call: [010-60910566-1260].

Gao Ruoying, Editor, Economic Observer

Editor of Management and Innovation Case Research Institute
Bachelor of Arts, Master of Communication. She is good at investigative reporting, focusing on the field of education and the stories behind corporate values ​​and changes.