This Day, That Year

Item from Sept 18, 1997, in China Daily: China has become the second-largest producer of pharmaceutical raw materials in the world, according to industry officials. One of the organizers of a major pharmaceutical exhibition that opened on Wednesday in Beijing said raw materials exported from China have become more popular with foreign pharmaceutical companies.

The country's medicine market has expanded rapidly along with strong economic growth - and an aging population. China has become the world's second-largest consumer of pharmaceutical products and the largest exporter of bulk drugs.

With nearly 5,000 companies in the sector, the Chinese market has been estimated at more than 2.5 trillion yuan ($382 billion) for 2016. About 50 pharmaceutical companies passed certification or inspection standards for Europe and the United States.