Shanghai to Boost Pharmaceutical IndustryChina's leading industrial and commercial city of Shanghai will spend about five billion yuan (about 602 million US dollars) on its pharmaceutical industry over the next five years.An official with the municipal government said the decision is part of Shanghai's effort to turn the pharmaceutical sector into a major growth area. According to Shanghai's 2001-2005 development plan, the pharmaceutical industrial output of the city will grow at an annual rate of 20 percent to reach 50 billion yuan (about 6.02 billion US dollars) by 2005. Priority will be given to research and development of biopharmaceuticals and various other new and high-tech products. Major projects also include the establishment of 10 medicinal herbal production centers and a traditional Chinese medicine test center. Shanghai is China's fourth largest pharmaceutical producer. |
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