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BEIJING, Sept. 26 (Xinhua) -- China's drug retail sales reached 188.5 billion yuan (about 29.9 billion U.S. dollars) in 2011, according to figures released by the China Medical Pharmaceutical Material Association on Wednesday.

The latest move came as China's GDP growth slowed to a nearly three-year low of 8.1 percent in the first quarter and key economic indicators for April continued to suggest downward risks, prompting the government to shift focus from inflation control to securing growth.

Meanwhile, Song Hua, a professor with the Beijing-based Renmin University of China, observed that the top-earning companies are dominated by state banks and industry monopolies, and that their profits can largely be contributed to the favorable policies and resources to which they are entitled.

Overseas pharmaceutical companies and their designated agents in China will have to apply to be covered by the network and get relevant cipher keys, the State Food and Drug Administration (SFDA) said in a draft regulation. The regulation was made public to solicit opinions until Oct. 12.

A total of 1.2 million people have been affected in the province, which was evacuated of over 40,000 people and saw 3,759 houses toppled by floods, as of Tuesday evening, according the provincial flood prevention and control headquarters.