The State Administration of Traditional Chinese Medicine and the China Development Bank Join Forces to Promote High-Quality Development of TCM
Release Date:
2020-06-16
To thoroughly implement the important instructions and directives of General Secretary Xi Jinping on TCM work, and to further carry out the “Opinions of the CPC Central Committee and the State Council on Promoting the Inheritance, Innovation, and Development of TCM” as well as the spirit of the National TCM Conference, on June 15 the State Administration of Traditional Chinese Medicine and the China Development Bank signed in Beijing the Memorandum of Understanding on Development Finance Support for the High-Quality Development of TCM (hereinafter referred to as the “Memorandum”). The two parties will leverage their respective strengths, pursue mutually beneficial cooperation, and forge a powerful alliance to jointly promote the high-quality development of TCM. Yu Yanhong, Secretary of the Party Leadership Group of the State Administration of Traditional Chinese Medicine, and Zhao Huan, Secretary of the Party Committee and Chairman of the China Development Bank, attended the signing ceremony. Yu Wenming, Director of the State Administration of Traditional Chinese Medicine, and Ouyang Weimin, Deputy Secretary of the Party Committee and President of the China Development Bank, signed the Memorandum on behalf of their respective organizations.
Under the Memorandum of Cooperation, the State Administration of Traditional Chinese Medicine will leverage its organizational strengths as the competent authority to support the development of TCM through policy formulation, financial funding, and project implementation; meanwhile, the China Development Bank will include TCM in its priority areas of support, innovate financing models, and provide multifaceted support—through equity investment, loans, bonds, leasing, and securities—for the advancement of TCM. The two parties will focus on fostering high-quality development of the TCM industry by building flagship TCM brands, promoting the translation of TCM scientific and technological innovations into practical applications, enhancing TCM service delivery capabilities, facilitating the international outreach of TCM, cultivating TCM talent, and aligning TCM services with national strategies. They will also work together to establish TCM industry development funds in regions with comparative advantages, thereby jointly advancing the inheritance and innovation of TCM, building a Chinese-style health service system that gives equal emphasis to TCM and Western medicine and ensures their mutual complementarity and coordinated development, and further enhancing the international influence of TCM. 
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