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U.S. - CHINA INDUSTRIAL EXCHANGE, INC. (CHINDEX) ANNOUNCES
EXCLUSIVE AGREEMENT WITH SCHERING DIAGNOSTICS

BETHESDA, MARYLAND - December 9, 1997 - U.S. -CHINA INDUSTRIAL EXCHANGE, INC. (NASDAQ:CHDX), the largest independent American distributor of Western healthcare products in the People’s Republic of China, today announced an exclusive agreement with Schering AG (Schering), through its wholly-owned subsidiary Schering Limited Hong Kong, for the distribution of select Schering pharmaceutical products in China. Under the terms of the agreement, Chindex will assume exclusive responsibility for importation and physical distribution of Schering’s newly developed pharmaceutical product Levovist, a contrast agent used in diagnostic ultrasound studies. Chindex itself will import the Levovist product directly into China for distribution and direct sale to Chinese customers. Chindex will also co-market Levovist and introduce this first ultrasound contrast agent jointly with Schering. Schering is one of the largest manufacturers of in-vivo diagnostic imaging products in the world.

According to Friedrich Gause, Schering Pharmaceutical Ltd. Director Sales and Marketing, "Chindex is the perfect partner for Schering to introduce our Levovist product in China. Chindex’s knowledge of the Chinese marketplace is very impressive and the Company has established itself over many years in the ultrasound market. The investment Chindex has made in product distribution logistics will assure timely and effective distribution to our customers. We are very happy with the agreement and have high expectations for great results in the years to come not only with Levovist, but hopefully with future products as well."

"The agreement with Schering is another example of our ability to partner with a major company and expand its reach into the largely untapped Chinese marketplace," Chindex Chairperson, President and CEO Roberta Lipson commented. "We have been established as a leader in the ultrasound scanner market on a nationwide basis in China for many years; this agreement further capitalizes on our long-term expertise and leverages our corporate investment in pharmaceutical marketing and logistical distribution services. The program for Levovist in China is the beginning of what we expect to be a major expansion into pharmaceutical related business in China."

Chindex Product Manager - Ultrasound Imaging Diane Russell noted that Chindex will utilize the unique capabilities of its national ultrasound sales force to introduce the Levovist product in China and familiarize its Chinese customer base with the correct use of ultrasound signal enhancers. "The use of contrast agents to enhance ultrasound imaging is one of the very promising new frontiers of diagnostic imaging. We have been working informally with Schering over the past several years laying the groundwork for the Levovist marketing program," Russell said.

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U.S.-China Industrial Exchange, Inc. (Chindex) provides market representation, sales and consulting services in China to a number of multinational and Fortune 500 companies including Volvo Construction Equipment, Ingersoll-Rand, Acuson, Johnson & Johnson and Kendall. With over sixteen years experience, 135 employees, and operations in the United States, China and Hong Kong, the Chindex strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Greater China's growing professional communities. Chindex is listed on NASDAQ under the ticker symbol CHDX.

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