China targets ¥8tr health service sector

China has set the target of increasing the gross value of its health service sector to over 8 trillion yuan (1.31 trillion U.S. dollars) by 2020, according to a circular issued by the State Council on Monday. More measures will be taken to boost this sector, which will serve to improve people's wellbeing as well as shoring up growth, said the circular. The health service industry covers medical services, health management, health insurance, and other supporting sectors related to pharmaceuticals, medical equipment, healthcare facilities and healthcare food. New measures to increase private capital in the sector will include relaxing market admittance requirements for investment from non-governmental sources, and giving equal treatment to not-for-profit private medical institutions and public medical establishments. The government will also simplify approval procedures for rehabilitation centers, hospitals for children and elderly patients, and nursing homes, according to the circular. It added that the government encourages insurance companies to diversify commercial health insurance products and vows to make the commercial insurance scheme cover more people.