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November 8, 2016

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China seeks fast growth for medical sector

CHINA will pursue rapid growth in the medical sector until 2020, while enhancing the sector’s ability to innovate and raising its product quality, a plan unveiled yesterday said.

The sector’s main business revenue should maintain medium-high annual growth of above 10 percent, the Ministry of Industry and Information Technology said on its website.

In 2011-2015, the main business revenue in the sector saw annual growth of 17.4 percent and annual profit surged 14.5 percent, both above the 7.8 percent annual GDP growth during the same period.

Companies should continue increasing investment in research and development to account for over 2 percent of their combined revenue by 2020, the plan said.

China will build medicine and medical instrument making innovation centers with investment from both the government and private sectors.

It will also improve services for small innovative companies, set up platforms to serve startup incubators, and open laboratories and centers for commercializing research findings, according to the plan.

By 2020, the quality of medicine and medical instruments should follow higher standards.


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