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A major South Korean hospital has begun work on a medical service center in
China, in a bid to tap into China's rapidly growing medical services market,
hospital officials said Thursday.
Yonsei University's Severance Hospital broke ground last work on the VIP Health Promotion Center in the eastern coastal Jiangsu province, the officials said. The medical center in the city of Yixing is expected to be completed by the end of 2014.
The new medical center will pave the way for the South Korean hospital to gain greater access to the Chinese healthcare market, they said.
"We will cater to the needs of Chinese customers who are looking for a high level of reliability in medical services," said a hospital official said.
The medical center will target VIP customers in China's eastern coastal region, which includes cities such as Shanghai and Suzhou.
Since 2010, China has been easing regulations on investment by foreign healthcare providers in its private healthcare sector.
It was part of the country's move to reform its healthcare system, in a bid to improve the quality of healthcare services for its 1.3 billion population.
Chinese authorities are aiming to establish a healthcare system that can provide safe, effective and low-cost services to their people.
From 2009 to 2011, China's central government spent 450.6 billion yuan (US$72.2 billion) on the country's medical services, according to the government.
Accounting firm Deloitte China said earlier China's medical services market is growing 18 percent annually and is estimated to reach 3.16 trillion yuan in 2015.