I'll take their word for it. But without seeing how this study was actually conducted, it's hard to make any definitive conclusions. For example, are they counting trials being outsourced into the country versus those for domestic approval and commercialization?
China overtakes India in drug testing
...China now has a cumulative total of 510 completed or ongoing trials compared with 471 in India, which had until recently been ahead on both measures. The trend reflects intensifying interest by the healthcare sector in China, which is growing rapidly as a result of rising income and expanding health coverage and is already forecast to be the world's fifth-largest pharmaceuticals market by 2010.