Guests at yesterday’s Roundtable Discussion of the 2019 Traditional Medicine International Cooperation Forum (Macau) voiced their opinions on opportunities, challenges and financing strategies for China’s comprehensive health and biotechnology industries.
During the discussion, Jason Wang, president of Zhongguancun Private Equity & Venture Capital Association (ZVCA), spoke about Chinese medicine cooperation in the Greater Bay Area, saying that his firm was optimistic regarding the development of Chinese medicine within the region.
“We are the most optimistic about the Greater Bay Area because of its capital, talented human resources and its policies. It is the best area in China,” said Wang.
ZVCA is a national equity investment association in China which, according to Wang, has maintained a close relationship with the Chinese medicine industrial garden in Hengqin, Zhuhai. The association wants to take the Greater Bay Area as an opportunity to create better communication between the government, investment organizations and entrepreneurs.
Wang believes that the renaissance in Chinese medicine and its growing influence abroad means there are more opportunities for the Chinese medicine industry.
Wang shared a story to demonstrate the growing influence of Chinese medicine. “Earlier this year, I saw some African friends in Portugal performing acupuncture on stage. It gave us huge encouragement,” said Wang.
In the past, China has created several initiatives, hoping to increase the country’s global influence and connection with the rest of the world, including the Belt and Road Initiative, and the Greater Bay Area project.
In Wang’s opinion, Chinese medicine plays a “very important” role in helping these initiatives actually achieve their goals. However, Western medicine may be stopping Chinese medicine from playing its role.
“Increasing Chinese medicine’s influence is very important. The Chinese medicine industry should be very big,” said Wang. “However, at this moment, what we have been seeing is that in recent years, Western medicine is more influential.”
In addition to Wang, Zhu Yonghong, another forum speaker and general manager of Tasly Holding Group, made remarks regarding Hengqin’s Chinese medicine industrial zone, having considered the Hengqin land plot suitable for innovative projects.
“After all, Hengqin is a free-trade zone, it is an area facing the world but depending on the domestic market. Hengqin does not have too many land resources, so projects with low added value shouldn’t go [to Hengqin]. Its land resources are limited, so it needs some innovative projects,” said Zhu.
Zhu proposed that Hengqin should put more effort into scientific research and industrial transformation.
More than 700 people from mainland China, Macau, the European Union, ASEAN and Portuguese-speaking countries and regions participated in the Forum to discuss the cooperation and development of traditional medicine.
The Forum is co-hosted by the local government and the State Administration of Traditional Chinese Medicine of the People’s Republic of China and coordinated by the Traditional Chinese Medicine Science and the Technology Industrial Park of Co-operation between Guangdong and Macau (GMTCM Park).
Under the theme of “Sharing Achievements of Traditional Medicine, Deepening International Exchange and Cooperation,” attending guests carried out discussions and exchanges on policy support, development opportunities, technology, research and development, market expansion, and investment into the sector.
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