China's pharmaceutical industry is now ranked the second largest in the world, and accounts for about 30 percent of the global total of innovative drugs currently under research and development, a senior health official said Friday.
Yang Sheng, deputy head of the National Medical Products Administration, made the statement at a press conference in Beijing on high-quality fulfillment of the 14th Five-Year Plan for national socioeconomic development in China in the 2021-2025 period.
"At present, China's pharmaceutical industry ranks the second in the world in terms of scale, and the number of innovative drugs under research and development in China has reached about 30 percent of the global total. Since the start of the 14th Five-Year Plan period (2021-2025), the country has approved the marketing of 387 pediatric drugs and 147 drugs for rare diseases, effectively meeting the medication demand of the relevant key groups of the population," he said.
Yang also highlighted China's comprehensive efforts to ensure drug safety and support high-quality development across the entire pharmaceutical industry chain during the 14th Five-Year Plan period.
China's pharmaceutical industry ranks second largest globally: official
The U.S. Federal Reserve on Wednesday decided to maintain its target range for the federal funds rate at 3.5-3.75 percent, in line with market expectations.
"Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated," said the Federal Open Market Committee (FOMC) in a statement.
Nevertheless, "uncertainty about the economic outlook remains elevated. The implications of developments in the Middle East for the U.S. economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate," the statement said.
"In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent," the statement said. "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks."
In the statement, the FOMC reiterated its strong commitment to supporting maximum employment and returning inflation to its 2 percent objective.
Of the 12 FOMC members, 11 voted for keeping the rate unchanged. Stephen Miran voted against the action. He preferred to lower the target range for the federal funds rate by 25 basis points at the meeting.
U.S. Fed keeps interest rate unchanged at 3.5-3.75 pct
