AstraZeneca China executive detained

Chinese authorities detained the head of AstraZeneca’s China business last week, a move that threatens to dim foreign business confidence in the country further. The detention follows an investigation into the alleged illegal importation and sale of a cancer drug, a probe that hurt the British-Swedish drugmaker’s stock and rattled foreign companies in the sector.

Beijing has been trying to overhaul its healthcare system in the face of an aging population, The Wall Street Journal reported; last year, an anti-corruption purge ousted nearly 200 hospital executives. But the sheer size of China’s $1 trillion healthcare industry means it remains attractive for foreign companies.