목차
Title page
Contents
Executive Summary 3
Introduction 9
Beijing's Drive for Sequencing Capacity: The Race from Genotype to Phenotype 12
The BGI-China Success Story: China's Hybrid Economy and the Power of National Champions 16
Piecing Together BGI's Corporate Structure: China's Hybrid Companies 19
Overlapping Leadership Blurs the Lines Between BGI and MGI and the State 22
State Provides BGI and MGI Funding 23
Government Guidance Funds Are Directly Invested in Both BGI and MGI 27
How Companies Grow: Characteristics of MGI and BGI's Market Growth 36
China's Hybrid Economy and Implications for the U.S. 42
Competitive Tools Available to the United States and Allies 45
Preparing to Compete in the Genomic Future 47
Conclusion 50
Authors 51
Acknowledgments 51
Appendix 1: Detailed Ownership Analysis 52
Appendix 2: Key Areas of Biotechnology 93
Bioinformatics 93
Synthetic biology 93
Gain of function research 93
Agricultural biotechnology 94
Data privacy, data security, and population surveillance 94
Appendix 3: China's Policies That Support Genomics and Biotechnology 95
Endnotes 98
Figure 1. Gene Sequencing Ecosystem 15
Figure 2. BGI's Evolution 18
Figure 3. BGI's Structure 22
Figure 4. Illustrative Ownership Example, MGI Tech Co. 26
Figure 5. MGI's 2022 Global Market Share Was Approximately 5.2% 35
Figure 6. MGI Revenue Breakdown by Region, 2017 versus 2021 35
Figure 7. MGI Revenue PRC Market Share, 2020-2022 36
Figure 8. Illustrative Cost of Capital Curve 37
Figure 9. MGI Tech Co. Illustrative Optimal Capital Structure (values in millions USD, unless otherwise stated) 39
Figure 10. BGI Genomics Illustrative Optimal Capital Structure (Values in millions USD, unless otherwise stated) 40
Boxes
Box 1. What Do We Mean by Global Norms? 10
Box 2. The Bioeconomy-Driver of Future Industry 13
Box 3. Would CFIUS Allow the Purchase of Complete Genomics Today? 42
