In a move to boost economic growth and attract foreign investment, China has announced the opening up of its medical sector and manufacturing industry to foreign ownership. The country will now allow wholly foreign-owned hospitals in several major cities and provide access to human stem cell and gene therapy services in designated free-trade zones.

A joint circular issued by the Ministry of Commerce, National Health Commission, and the National Medical Products Administration unveiled the plan, which aims to encourage foreign investors to establish hospitals in Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen, and the Hainan province. However, the circular explicitly states that foreign investors will not be permitted to acquire public hospitals or engage in traditional Chinese medicine practices.

While the detailed requirements and procedures will be announced at a later date, this bold move is expected to encourage overseas investment in the country's healthcare sector and help propel China's economic growth. By allowing foreign-owned hospitals to operate in these key cities, China hopes to enhance its medical infrastructure and provide better healthcare services to its citizens.

Moreover, the circular also highlighted the opening up of the biotechnology sector to foreign investment in major free-trade zones such as Beijing, Shanghai, Guangdong province, and Hainan. As of now, foreign-funded companies will be able to conduct research and development in human stem cell and gene diagnosis technology, as well as offer related treatment services. They can also apply for market registration and mass production licenses that would be valid nationwide.

This significant step not only showcases China's commitment to fostering innovation and progress in the medical field but also signifies its determination to revitalize foreign investments and stabilize economic growth amidst the challenging global economic landscape. With the relaxation of restrictions and greater access to the Chinese market, foreign investors now have a promising opportunity to contribute to the development and expansion of the healthcare and biotechnology sectors in China.

This groundbreaking move is expected to stimulate fresh waves of foreign investment and contribute to the overall growth and advancement of China's medical sector and manufacturing industry. As the detailed requirements and procedures are unveiled, it remains to be seen how quickly foreign investors will seize this opportunity and embark on a new era of collaboration and innovation in China.