China to create "Medicines Valley" in Beijing

The Chinese capital Beijing is intending to create what it calls a"Medicines Valley," a center for the pharmaceutical industry, according to the Xinhua news agency. This will be based on an existing pharmaceutical industry center in the Beijing Economic and Technological Development Zone.

Two branches of Tongrentang, China's largest producer of traditional Chinese medicines, are already located in the center, in which corporate investment has so far reached $410 million. The center recorded an output value of 1.5 billion renminbi ($181 million) last year.