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Northeast Province to Boost Traditional Chinese Medicine
The traditional Chinese medicine industry is expected to become one of the pillar industries for the economic development in northeast China's Jilin province, according to local official sources.
With the government's help, the output value of the industry is likely to hit 12 billion yuan (about US$1.5 billion), approximately 10 percent of the province's GDP (gross domestic products), said Qu Yixu, director with the provincial office of technologies.
The province saw 4.6 billion yuan (about US$556 million) of output value of the industry last year, the third largest among all the provinces.
China produces more than 8,000 kinds of traditional medicine and is the world's largest producer and consumer.
However, China's imminent entry into World Trade Organization (WTO) may be a double-edged sword for its traditional medicine industry, market analysts said.
The industry will have more opportunities to increase exports due to the growing demand for natural medicines in the international market. It will also undoubtedly be challenged by imported products of a higher quality, said the experts.
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