China Will Spend $123 Billion on Healthcare Reform

China announced that it will spend 850 billion RMB ($123 billion) to implement the first three-year phase of its comprehensive healthcare reform plan. Chief among the plan’s goals are to extend medical insurance to 90% of China’s 1.3 billion inhabitants by 2011, which is the end of the three-year initial phase. Other aims are to initiate a system of "basic medicines" covered by the insurance, an improved network of local-level clinics, a better public health system and improved services in public hospitals. More details...