VACCINE ENTERS PHASE 3 TRIAL

China reached an important new level of vaccine development with the start of the phase three clinical trial of an inactivated vaccine candidate against COVID-19 in the United Arab Emirates on Tuesday.

It is the first vaccine of its kind to reach a late-stage, mass-scale human trial, according to China National Biotec Group.

The Institute of Microbiology of the Chinese Academy of Sciences said in a statement on Tuesday that Chinese authorities approved the phase one trial of the nation's first recombinant protein vaccine against COVID-19 on Friday.

The recombinant protein vaccine is the nation's third type of vaccine, after an adenovirus vector vaccine and the inactivated vaccine, to enter clinical trials in China, the statement said.

The Wuhan and Beijing units of the CNBG each developed an inactivated vaccine candidate, and one or the other of these vaccine candidates were tested on a group of 2,240 people during phase one and two clinical trials, the CNBG said.

The Wuhan vaccine was found to be effective and safe, with no serious adverse effects, according to trial results published on June 16.

Various dosages and timings were tried. Those who received two doses at an interval of 28 days, all in the 18 to 59 age group, tested positive for neutralizing antibodies against the novel coronavirus.

The Beijing vaccine's test results will be published on June 28, the CNBG said on Tuesday. The UAE Ministry of Health and Prevention has approved the phase three trials, though it is unclear which vaccine will be used.

As for the recombinant protein vaccine, the Institute of Microbiology said in the statement that it has been shown to be safe and effective in animal tests and is easy to mass produce.

China's recombinant protein vaccine candidate has been jointly developed by the Institute of Micro−biology and Anhui Zhifei Longcom Biopharmaceutical. The United States, Israel, Japan, Argentina, Thailand and other countries are working on similar recombinant vaccines, according to the World Health Organization.

Unlike an inactivated vaccine, which uses a whole dead targeted virus, and a vector vaccine, which uses a chemically weakened second virus as a carrier, a recombinant protein vaccine uses only part of the targeted virus to trigger a protective immune response.

This type of vaccine is known to provide very strong protection and is safe even for people who are immuno-compromised, the United States' National Institutes of Health said. Common recombinant vaccines include those against hepatitis B, influenza, whooping cough and human papillomavirus or HPV.

Some recombinant vaccines, however, require booster shots for ongoing protection. They also need added substances to enhance the immune response, the NIH said.

The novel coronavirus uses its spike protein to bind to ACE2 receptors on human cells and subsequently infect them. Therefore, scientists have chosen to focus on the spike protein as one of the major targets for vaccines and therapeutics.

FORUM CALLS FOR MULTILATERAL EFFORTS TO FIGHT AGAINST COVID-19

With the United Nations marking the 75th anniversary of the signing of its charter on Friday, experts at an online forum are calling for all countries to enhance multilateralism amid the COVID-19 global health crisis, which has greatly disrupted countries around the world and exposed them to severe economic and social repercussions.

The COVID-19 outbreak is a stark reminder of the need for global cooperation across borders, an international forum of leading analysts heard on Wednesday. Countries' responses will determine how fast the world recovers and how well it handles pressing challenges, they said.

The online event, co-organized by think tanks from China, Germany, Russia, and the United Kingdom, was held to mark the 75th anniversary of the signing of the UN charter.

"The international community should have become much closer, but unfortunately, the rise of unilateralism has deepened division across the world in past years," said former French prime minister Jean-Pierre Raffarin, who gave the keynote speech at the forum.

Raffarin said a rising trend of unilateralism, isolationism and protectionism has been reinforced during the COVID-19 outbreak, threatening the effectiveness of the global fight against the pandemic.

He emphasized that the United Nations still stands as the largest international multilateral arena today.

Sha Zukang, a former UN undersecretary-general for economic and social affairs, said the UN still plays a vital role in safeguarding multilateralism globally.

"The world economy is interconnected. China's growth will help Asia and even Europe's growth, and the development of North America and Europe will also benefit the growth of emerging markets and developing countries," Sha said.

Wang Huiyao, president of the Center for China and Globalization and the forum's moderator, said the founding of the UN 75 years ago raised hopes for a new era of peace and prosperity for all, and the organization has become the cornerstone of today's multilateral structures that work to manage and reduce shared global problems.

Speakers at the forum said China, which was among the first countries to sign the UN Charter in 1945 and has upheld the spirit of strengthening international cooperation, is a long-standing builder of world peace, a contributor to global development and a defender of the international order.

During the pandemic, China has continued to strengthen cooperation with other countries, reinforcing the multilateral cooperation system by sending medical personnel and supplies to countries in need and serving global interests through its research on COVID-19.

ALL-TIME HIGH CRUDE OIL IMPORTS SIGNAL OF RECOVERY

China's crude oil imports soared to an all-time high in May, a reflection of a recovery in energy with demand getting back on track in the world's second-largest economy as business activity resumes following effective measures to contain the COVID-19 pandemic, industry insiders said.

Crude imports surged in May to 47.97 million metric tons, or 11.34 million barrels a day, a 15 percent jump from April and 160,000 barrels a day more than the previous record set in November, data released by the General Administration of Customs showed.

China's oil product exports, on the other hand, fell in May to a 15-month low of 3.89 million tons, down by more than 50 percent from April's exports of 8 million tons, the data showed.

The previous low was 3.81 million tons in February 2019, it said.

"The strong increase in China's imports will have supported the tightening of the seaborne oil market, and hence oil prices," Morgan Stanley analysts, including Martijn Rats, said in a report.

Wu Kang, head of Global Demand, Risk & Asia Analytics, S&P Global Platts, said with China's crude imports hitting a new high and product exports dropping, the country is clearly on the path to recovery.

Wu said China's oil demand in May came out much stronger than expected, much of which comes on the back of pent-up demand and fiscal stimulus from the government.

"The independent refineries drove almost all of China's crude import growth over the past five months. Because of purchases of the past few months, we think imports will initially remain high until July, but that will moderate by August," he said.

Li Li, research director at energy consulting company ICIS China, agreed and said the May crude imports jump also reflects the vitality and resilience of the Chinese refinery sector, which seized the opportunity of low global crude prices to book orders.

Platts survey data showed China's independent refining sector ratcheted up crude imports in May by 71.1 percent on the year to a record high of 4.42 million barrels a day. That sent a bullish signal to the global oil market that the recovery in Chinese energy demand is again on track.

State-run and independent refiners alike ramped up crude purchases in previous trading cycles to take full advantage of ultra-low crude prices in the March-May period, it said.

On the other hand, China Petrochemical Corp, or Sinopec, the country's top oil export giant, and China National Petroleum Corp, one of the nation's top three oil conglomerates, both slashed their exports in the previous months.

Many refiners preferred to sell their products in domestic markets as product prices in international markets were lower due to lockdowns and freight rates remained high.

"Structurally, China has extra products that need to be exported, and they will continue doing so," Wu said. "Specifically, we believe that with tanker rates moderating, conditions may just be about right for exports to rebound notably from July and beyond."

As Chinese buyers had purchased cheap crude cargoes for May delivery, Li said there is still opportunistic buying to be had to capitalize on low crude costs. It is an opportune time to stockpile for China, whose crude storage at present is below target, she said. ICIS said crude imports in the country are projected to grow in 2020 at a slower rate of 7.6 percent from the 9.5 percent pace recorded last year.

QUICKER APPROVAL FOR BUSINESS STARTUPS

China will work to cut the time needed for approval to start a business to no more than four working days by the end of this year, and better regulate charges imposed on businesses by industry bodies and associations, a State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.

"Facing mounting economic challenges, we need both fiscal policy measures and deeper reform of government functions for a more enabling business environment to effectively support market players," Li said. "This way, we can spur greater market vitality."

To advance the six priorities−employment, people's livelihoods, development of market entities, food and energy security, stable operation of industrial and supply chains and the smooth functioning of society−and the six areas where stability is key−employment, finance, foreign trade, foreign investment, domestic investment and market expectations−the meeting urged giving higher priority to supporting market players.

Procedures and services for starting a businesses will be optimized. A unified online platform for accessing such services will be established in every province by the end of the year, allowing applications to be filed online in a single form.

With strict oversight and security protection put in place, electronic business licenses will be promoted as a legal and valid form of identification, allowing e-signatures to be used for online business registration, tax-related services and the opening of bank accounts.

Efforts will be made to reduce the time needed to process applications to start a new business from five working days to no more than four.

The move is both an institutional arrangement and a measure to facilitate business operations during efforts to contain the COVID-19 pandemic, the State Council said in a statement released after the meeting. It will help more businesses emerge and keep employment stable.

The meeting also adopted measures to better regulate fees charged by industry bodies and associations, and specified instances where the unauthorized levying of fees is prohibited.

Industry bodies and associations must not force enterprises to enroll with them and pay fees on the basis of their links to government departments or their sectoral influence.

No unwarranted charges should be introduced on the grounds of a body's statutory mandate, and no charges will be allowed in relation to contests, performance evaluations or commendations.

"Arbitrary levying of fees must be resolutely dealt with," Li said. "Some industry bodies and associations are monopolistic in nature and cover a wide range of sectors. The fees they charge are not all reasonable, which has undercut fair competition in the market. Such problems must be promptly addressed."

HEALTH COMMISSION OFFICIAL CORRECTS MISGUIDED QUARANTINE POLICY FOR BEIJING TRAVELERS

It is not right for some places to carry out a two-week quarantine for all people coming to or leaving Beijing, an official from the National Health Commission said on Wednesday at a news conference.

He Qinghua, inspector at the commission's bureau of disease prevention and control, said the central government and Beijing municipal government have made clear regulations in four aspects on travelers in and out of Beijing.

One, Beijing has required nucleic acid testing for those who visited the Xinfadi market and its personnel, and people living in medium- and high-risk communities and townships.

Two, Beijing has prevented people from medium- and high-risk communities and townships from leaving the city, and other people who have essential travel out of Beijing must present a negative nucleic acid test result conducted within seven days of departure.

Three, people who hold a negative nucleic acid test report or health code containing negative result information should not be quarantined or restricted at their destinations, so long as they take personal protection measures and have a normal temperature.

No other restrictions may be set up by local governments.

Four, local governments should arrange nucleic acid testing for people who could not present a negative nucleic acid test result conducted within seven days of departure. If tested positive, people should receive medical treatment in quarantine, and if tested negative and carrying a normal temperature, people should be allowed free movement.

ANNUAL PILGRIMAGE TRIPS FOR CHINESE MUSLIMS SUSPENDED DUE TO VIRUS

The China Islamic Association has this year suspended organizing Chinese Muslims to attend the hajj in Mecca, Saudi Arabia, after the country decided to bar Muslims from other countries from taking part in the annual pilgrimage to prevent the spread of the novel coronavirus, the association said on Wednesday night.

The confirmed novel coronavirus cases in Saudi Arabia has reached more than 170,000, with more than 1,000 casualties have been reported. Also, the outbreak mainly happened in the cities of Mecca, Medina and Jeddah, where key religious sites are located. Saudi Arabia also announced on Monday that it would not allow Muslims from other countries to travel to the country for the hajj to protect people's health, the association said in a statement released on Wednesday.

As a result, the association has decided to suspend organizing the pilgrimage trips for Chinese Muslims this year. It asks local Islamic associations around the country to explain the situation to local Muslim communities, according to the statement.

There has always been a long waiting list to attend the annual pilgrimage organized by the association in Muslim-populated areas such as the Xinjiang Uygur autonomous region. More than 10,000 Chinese pilgrims have the opportunity to attend the annual hajj in recent years depending on the quota given by Saudi Arabia.

To take part in the pilgrimage, Chinese Muslims must register at the website of their local religious affairs bureau. The annual quota given to each province or region depends on its Muslim population.

Some 2.5 million pilgrims typically visit the holiest sites of Islam in Mecca and Medina for the weeklong hajj.

Saudi Arabia will also limit the number of domestic pilgrims attending this year's hajj, which will start at the end of July, to around 1,000, Reuters reported on Tuesday.

Hajj minister Mohammed Benten said at a news conference on Tuesday that strict health criteria would be used to select eligible pilgrims among citizens and residents. Those above 65 years of age would not be allowed to attend the pilgrimage, he said.

The kingdom of Saudi Arabia is keen to enable all Muslims of different nationalities to perform the hajj but the global health circumstances this year made this hajj an exception, Benten said.

"Everyone knows the risks of this virus and knows that all countries are closed now and until hajj time, and therefore there will be risks to transfer pilgrims across countries," he said, adding that pilgrim safety was a priority for the kingdom.

The pilgrimage has been canceled many times throughout history because of wars and diseases, but has faced no significant limits on attendance since the mid-1800s, when outbreaks of cholera and plague kept pilgrims away for a number of years.

THOUGHT FOR THE DAY

As a rule, whatever is fluid, soft, and yielding will overcome whatever is rigid and hard. This is another paradox: what is soft is strong. - Lao Tzu