Triggered by a flood of novel drugs and innovative R&D, pilots to speed up the review and approval of clinical trials were launched in select provinces on 31 July 2024. Initial pilot zones were approved for Beijing and Shanghai on 2 August.
From H2 2024, full cost and revenue insurance for soybean producers will expand from the initial 10 pilots. Indicative of Beijing's intention to better manage agricultural risk, this follows the nationwide rollout of such cover for major crops (rice, wheat and corn) announced on 31 May 2024.
Soon to become an ageing society, Beijing must accommodate an over-65 population cohort accounting for at least 15 percent of the nation in 2023. In the next two decades, the over-65s will reach 28 percent as the overall population declines by 13.5 million.
As trade friction rises with the US, EU, and indeed some Global South states, Beijing eagerly looks to BRI and RCEP for markets, as well as detours around punitive tariffs.