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The pilot medicine procurement program was tested in 11 major cities to lower drug prices and reduce the burden on patients.

Nicholas Yang, secretary for innovation and technology of China's Hong Kong Special Administrative Region government, also attended the ceremony. He said that true innovation comes from collaboration and by pooling together the world's top scientific institutions to collaborate with local universities. Hong Kong is poised to become a hub for global research collaboration, he said.

BEIJING, May 2 (Xinhua) -- China expects to further optimize the investment and operation environment for foreign investors in its financial sector with new measures to open the field wider, according to the country's top banking and insurance regulator.

BEIJING, May 17 (Xinhua) -- Chinese Premier Li Keqiang has urged intensified efforts and more effective measures to advance the country's medical reforms.

The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.