Shanghai FTZ to get Artemed hospital
Updated: 2014-07-23 07:17
By Wang Hongyi in Shanghai (China Daily)
German healthcare operator signs agreement with 3 Chinese firms
German healthcare operator and medical product provider Artemed Group said on Tuesday that it would set up a hospital in the China (Shanghai) Pilot Free Trade Zone.
The group signed a framework agreement with investment company Silver Mountain Capital, Shanghai Waigaoqiao FTZ 3U-Development Co and Shanghai Waigaoqiao FTZ Healthcare Center on Tuesday. The hospital will be the first fully foreign funded medical institution to be set up in the 28-square-kilometer FTZ.
"The hospital will set an example for promoting the implementation of service sector's opening up in the FTZ. Meanwhile, it will help further promote China's medical service level and boost the country's high-end medical industry's development," said Li Yunzhang, deputy general manager of Shanghai Waigaoqiao Group.
The China (Shanghai) Pilot Free Trade Zone was launched in September 2013. It allows foreign investors to develop a series of sectors, including healthcare and medical sector in the zone.
The level of opening-up has been further elevated on the 2014 Shanghai Free Trade Zone "negative list", which defines areas that are off-limits for foreign investors in the zone.
In the medical sector, the updated version of the "negative list" has lifted the restrictions on the minimum investment of 20 million yuan ($3.2 million) and the maximum operation period of 20 years.
Zhu Min, deputy director of the China (Shanghai) Pilot Free Trade Zone Administration said: "The 2014 'negative list' further reduces the threshold for foreign investors.