China said it has administered more than a million coronavirus vaccines since July and plans to distribute more, initially targeting workers in industries where they are at higher risk of infection as the country seeks to be at the vanguard of the global Covid-19 immunisation effort.
Our goal is to establish herd immunity through inoculations
Vaccines developed by Sinovac Biotech and the state-owned China National Biotec Group, known as CNBG, are being dispensed in the country since they were granted emergency-use authorisation in July.
China now plans wider distribution of the experimental inoculations, with those working in hospitals, customs, in public transport and cold-chain logistics as well as vulnerable groups, including people with underlying medical conditions, to receive them first. A later phase of the campaign will involve the general public, Zeng Yixin, vice minister at China's National Health Commission, said in Beijing on Saturday.
Mr Yixin said colder winter weather posed challenges to China’s control of the virus, which it has all but eliminated internally with a combination of strict border controls and mass testing.
“Our goal is to establish herd immunity through inoculations so that Covid-19 can be effectively controlled rapidly,” he said.
Two injections
The vaccine tally puts China well ahead of the US and UK, which only recently gave emergency authorisation to vaccines developed by Pfizer and Germany's BioNTech SE, allowing them to start vaccinating people in specific target groups. The US also cleared a Covid-19 vaccine from Moderna on Friday. Russia, which says it is also delivering home-grown inoculations to its population, has vaccinated 320,000 people, according to data compiled by Bloomberg.
The figure of a million refers to doses administered, not the number of people inoculated. CNBG chairman Yang Xiaoming said recently that more than 650,000 people had been vaccinated with Chinese vaccines, local media reported. CNBG and Sinovac's candidates follow a two-injection regimen of an initial jab and then a booster.
While Chinese officials did not disclose how many people will be vaccinated in the next phases of the inoculation effort, Bloomberg reported on Friday that by early February authorities are planning to administer locally-developed drugs to as many as 50 million workers deemed at high risk of exposure to the virus, a significant expansion that will require local branches of China's Centre for Disease Control and Prevention, medical clinics and hospitals to be mobilised to hit the ambitious target.
Virus flare-ups
The programme, which comes amid speculation that China's drug regulator is close to signing off on the CNBG and Sinovac vaccines for general use, would be the equivalent of inoculating the entire population of South Korea in less than two months, a move that would put the country well in front in the distribution race if it succeeds. China's quick use of coronavirus testing over the past few months, with millions tested over a number of days after cases were identified, may be a model for how the nation of 1.4 billion people intends to approach the administration of vaccines.
The plans to vaccinate 50 million people underscore Beijing's focus on preventing a repeat of the deadly outbreak that started in the city of Wuhan this year. Although China has nearly stamped out local transmission of the virus and life is largely back to normal for the vast majority of its population, a smattering of infections emerged in recent weeks in the country's north-east province of Heilongjiang, in Xinjiang in the west of the country and Sichuan, and even in the Chinese capital.
No severe side effects were observed among those who have received the Chinese vaccines so far, Zheng Zhongwei, a director who oversees coronavirus vaccine development at the National Health Commission, said on Saturday. China will disclose data on the efficacy of Chinese vaccines "in time", with the developers filing updates to the drug regulator on a rolling basis.
China is also part of the World Health Organisation Covax initiative to distribute vaccines to the developing world.
Chinese vaccine developers have signed supply deals with countries including Indonesia, Singapore, Turkey and the United Arab Emirates, which said this month that CNBG's inoculation showed an efficacy rate of 86 per cent in a local clinical trial of more than 30,000 people.
Research indicates that China's vaccines afford protection against Covid-19 for at least six months, Mr Zeng said on Saturday. Antibodies continue to be detected in people who were inoculated as early as March, he said.
Strategy defended
China will use its existing monitoring systems to keep track of side effects from the vaccines, said Wang Huaqing, the Centre for Disease Control and Prevention's chief immunisation expert. China's mechanisms for monitoring vaccine safety meet WHO standards and the hospitals and clinics that will administer vaccinesnationwide have the capability to identify and treat any side effects, he said.
Officials said previously that there were no serious adverse events – illnesses in people who receive a vaccine that can sometimes halt a clinical trial – among those inoculated under the emergency-use programme. The country defended its wide interpretation of the emergency authorisation, which includes workers at state-owned companies headed overseas, saying the risk of Covid-19 returning through its borders remains high.
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Global race for a vaccine
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
more from Janine di Giovanni
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, kick-off 10.45pm
Live: On BeIN Sports HD
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5