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China sets $1.3tn target for health sector
October 15, 2013, 12:20 pm

[Xinhua]

The health service industry includes medical services, health insurance, pharmaceuticals, medical equipment, and healthcare facilities [Xinhua]

China has set a target of increasing the gross value of its health service sector to over 8 trillion yuan ($1.31 trillion) by 2020, said the Chinese Cabinet on Monday.

The Asian nation has vowed to improve and expand quality healthcare access to poor rural areas to ensure equitable growth for its 1.3 billion populace.

“More measures will be taken to boost this sector, which will serve to improve people’s wellbeing as well as shoring up growth”, said an official statement.

The health service industry includes medical services, health insurance, pharmaceuticals, medical equipment, and healthcare facilities.

China will target further private investment in the sector by reducing regulations that control capital from the non-governmental organisations (NGOs).

China is an attractive market for pharmaceutical firms and medical-equipment makers, with spending in the industry expected to nearly triple to $1 trillion by 2020 from $357 billion in 2011, according to consulting firm McKinsey.

The government will also simplify approval procedures in order to fast-track the opening of new rehabilitation centres and hospitals, said the statement.

The government also promised to make commercial health insurance schemes cover more people.

The guidelines released on Tuesday suggest more concrete policy will be rolled out soon.

Shares of Chinese pharmaceutical firms in Hong Kong rose after the Cabinet announcement.

Source: Agencies

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