HARBIN, China, October 30, 2014 /PRNewswire/ — Yew Bio-Pharm Group, Inc. (“Yew Bio” or the “Company”) (OTCBB: YEWB), a major grower and seller of yew trees, yew raw materials used in the manufacture of traditional Chinese medicine (TCM) and products made from yew timber, today applauded the creation of a subsidy program by the State Forestry Administration of China to promote the development and growth of Chinese medicinal herb crops.
The central China government continues to increase financial support to the national forest economy in efforts to promote the proportion of investment in other sectors of planting, and to help forestry and growers become a new economic growth point. Heilongjiang Provincial Forestry Department, where Yew Bio-Pharm is located, was recently selected to receive initial subsidies for undergrowth planting of Chinese medicine herbs.
Under Heilongjiang Province’s Forest Economic Development Plan, which was announced in January 2014, the forest economy in the province is expected to reach 150 billion yuan (approximately US$24.5 billion) by 2020. The plan focuses on developing Chinese medicine, forest mushrooms, berries, vegetables, seeds and other undergrowth corps.
“As a leading yew tree grower in the region, and producer of traditional Chinese medicine used in certain cancer treatments, we are very encouraged by this positive development,” said Mr. Zhiguo Wang, Chairman and Chief Executive Officer of Yew Bio-Pharm Group. “The subsidies should help spur development of new projects and incentivize economic growth in the region for growers of traditional Chinese medicine crops.“
“With our advanced planting technologies, and one of the largest yew forests in China with more than 20,000 MU (approximately 3,300 acres), we are optimistic about the possibility of receiving the national financial support. Through this funding, we can further utilize the company’s 1 million MU (approximately 165,000 acres) of forestland to plant globally scarce anti-cancer medicine herbs,” Wang added.
ABOUT YEW BIO-PHARM GROUP, INC.
Yew Bio-Pharm Group, Inc., through its operating entity, Harbin Yew Science and Technology Development Co., Ltd. (HDS), is a major grower and seller of yew trees, yew raw materials used in the manufacture of traditional Chinese medicine (TCM) and products made from yew timber in China. Raw material from the species of yew tree that the Company grows contains taxol, and TCM containing yew raw materials has been approved as a traditional Chinese medicine in China for secondary treatment of certain cancers. The Company uses a patented, accelerated growth technology to speed the growth and maturity and commercialization of yew trees and believes that it is one of the few companies possessing a permit to sell them. To learn more, please visit http://www.yewbiopharm.com/.