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China's first healthcare fund launched in Kunming

Source:   Time:

CITIC Trust Company launched the first health fund in China Thursday, following the country's call to strengthen its healthcare industry. The size of the fund is expected to reach at least 10 billion yuan (US$1.64 billion).

The fund aims to establish and operate the Jialize International Health and Wellness Center in Kunming, in southwest China's Yunnan Province.

"As urbanization increases, the population ages and people's livelihoods improve, it's imperative to find a balance between ecology and health," said President Pu Jian of CITIC.

Yet China's public healthcare system is backward, and unable to meet the demands of an aging society. There are 200 thousand related enterprises with a market value of 280 billion yuan, but only 16.6 beds in nursing homes per 1,000 elderly Chinese. Services and management are even more deficient.

The Jialize center will introduce international healthcare expertise and tailor it to local conditions. Three leading healthcare organizations in the UK and one from France have opted to take part in the project so far.

China's elderly hit 194 million by the end of 2012, 14 percent of the total population, according to the Ministry of Civil Affairs. By building a new healthcare model at the Jialize center, CITIC hopes to meet China's complex healthcare demands.

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