A subsidiary of GPHL, on the same day, signed agreements to purchase almost 20,000 tonnes of TCM materials, including Astragalus and Schisandra chinensis, and licorice, from Russia, and nearly 10,000 tonnes of TCM materials, including frangipani from Indonesia, with a total estimated value of about 1.3 billion yuan (USD 182 million).

The GPHL said the purchase would stabilize the prices of TCM materials and promote the sustainable development of the industry, reports Xinhua.

Deputy general manager of GPHL, Wu Changhai, said Russia, with its cold weather and rich biodiversity, produces a variety of cold-region herbs, adding that Indonesia is one of the main producing countries for frangipani, a key ingredient in the company's herbal tea beverages.

Imported medicinal materials are a significant source of the TCM industry of China, and the country's revised measures to administrate imported medicinal materials, implemented in 2020, encourage such imports, reports said.