As China transforms from a traditional economy to a new economy, healthcare is one of the biggest sectors, notes Liu Jiren, Chairman and CEO of the Shenyang-based Neusoft Corporation.

The company, which is one of China's largest IT solutions and services providers, was founded some 24 years ago with a capital of merely $500.

Since then, Liu has led its expansion, from building software technology to a wide range of portfolios, including developing medical equipment.

The firm has set up a healthcare management system in rural areas, according to NHK. The portable medical terminals that it has installed can collect and send data such as blood pressure readings to hospitals.

Liu believes that healthcare would be the next big thing in China. And just a glance at the figures indicates why that would be his strategy.

China has forecast healthcare spending by the private sector, state-owned enterprises and consumers to treble to $1.3 trillion over the next five years, given the rising population of the elderly.

Watch this exclusive interview with Liu Jiren for more on China's healthcare sector reforms and his tips for young entrepreneurs.