Despite escalating global trade tensions, there is at least one area in which China is still opening up—pharmaceuticals. The country’s Center for Drug Evaluation, China’s version of the Food & Drug Administration, this week made 48 drugs that have already been approved by regulators in the U.S., Japan or Europe eligible for fast-track approval, without additional domestic trials. The move is consistent with Beijing’s policy announced last October to cut red tape around its drug-approval processes. ...
China remains committed to opening up its pharmaceutical market despite the the wider global trade conflict. Beijing recently made 48 drugs that have already been approved in the US, Europe or Japan eligible for fast-track approval, as part of a broader effort to reduce red tape in its drug-approval processes. The US has also imposed tariffs on Chinese steel and aluminum imports, which could hurt American manufacturers who rely heavily on those imports.