NEW YORK, November 7, 2017 /PRNewswire/ -- China's healthcare market is projected to grow at an unprecedented CAGR of about 12% to reach $1 trillion by 2020, or up from $357 billion in 2011 as estimated in a recent report from McKinsey & Co. The government in China has decided to take major steps to improve the local healthcare infrastructure. A recent Bloomberg article emphasized the importance of a recent regulatory change of the Chinese government, according to which new rules will speed up approvals of medicines and medical devices, easing the process of introducing new treatments to the market. Shineco Inc (NASDAQ: TYHT), Hutchison China MediTech Limited (NASDAQ: HCM), iKang Healthcare Group, Inc. (NASDAQ: KANG), BeiGene, Ltd. (NASDAQ: BGNE), Zai Lab Ltd. (NASDAQ: ZLAB)

For years, local and multinational drug manufacturers have struggled with delayed approvals in China. Bloomberg's report explains that a surging number of applications and a relatively small team of government reviewers resulted in a regulatory backlog. "For multinational and leading local innovative drugmakers, the anticipated acceleration of approval will improve patients' access to new medicine and increase revenues for pharmaceutical companies," said Jialin Zhang, senior healthcare analyst at ICBC International Research Ltd.

Shineco Inc (NASDAQ: TYHT) announced breaking news this morning that, "a producer and distributor of Chinese herbal medicines, organic agricultural products, specialized textiles, and other health and well-being focused plant-based products in China, today provides further update on the status of establishing an apocynum industrial park in Xinjiang, China.
As we have previously disclosed on September 22, 2017, Shineco will operate the apocynum industrial park through its joint venture company, namely, Xinjiang Shineco Taihe Agriculture Technology Ltd. ("Xinjiang Taihe"). In compliance with the local regulations on apocynum harvest which regulate apocynum harvest for environmental concerns, Shineco has applied and received the Wild Apocynum Harvest Permit from the government of the Korla Region in Xinjiang, China. 2,000 workers will help Shineco harvest apocynum in the Tarim Basin Gobi Desert.

Authorized and supported by the local government, Shineco, Inc. plans to harvest 100,000 tons of apocynum straws beginning winter of 2017 until spring of 2018. It is a good start to establish an Apocynum Industrial Park and will set a solid foundation for Shineco's business development and revenue growth in 2018. Shineco will also be helping 2,000 workers gain work placements with competitive salary in the local labor market, corresponding to the "poverty reduction" policy initiative that the Chinese government is actively promoting.

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