China to relax foreign investment in hospitals

China will ease curbs on foreign investment in joint-venture hospitals as part of a sweeping healthcare overhaul aimed at cuttings costs and improving services, Reuters reported, citing a plan posted on the State Council website. Plans include reducing restrictions on foreign ownership in JVs, increasing the number of locations where Hong Kong, Macau and Taiwan investors can set up wholly-owned medical centers, and letting overseas investors set up wholly-owned centers within the Shanghai free trade zone. According to consultancy McKinsey, spending in the industry is expected to triple to US$1 trillion by 2020.