investing.com 31 Dec, 2020 07:45 am

China gives its first COVID-19 vaccine approval to Sinopharm By Reuters

China gives its first COVID-19 vaccine approval to Sinopharm

Booth displaying coronavirus vaccine candidate from CNBG in Beijing BEIJING (Reuters) - China approved its first COVID-19 vaccine for general public use on Thursday, a shot developed by an affiliate of state-backed pharmaceutical giant Sinopharm, as it braces for greater transmission risks over the winter.The approval comes as Britain on Wednesday approved a second COVID-19 vaccine, a shot developed by Oxford University and AstraZeneca (NASDAQ: AZN ), as it battles a major winter surge driven by a new variant of the virus.15 using at least three different products - two developed by CNBG and one by Sinovac Biotech.China has at least five vaccines, developed by Sinovac, CNBG units, CanSino Biologics and the Chinese Academy of Sciences, in late stage trials, underscoring its efforts to develop a homegrown vaccine to challenge Western rivals.

While China has been slower than several other countries in approving COVID-19 vaccines, it has been inoculating some citizens for months with three different shots still undergoing late-stage trials.While the efficacy of the Sinopharm shot trails the more than 90% success rate of rival vaccines from Pfizer Inc (NYSE: PFE ) and its partner BioNTech SE (NASDAQ: BNTX ) and Moderna (NASDAQ: MRNA ) Inc, it points to progress China has made in the global race to develop successful COVID-19 vaccines.

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