The latest policies from Beijing show that the Chinese government is readying its own new vaccines and drugs for COVID-19 in a bid to gradually ease some of the strictest pandemic restrictions globally, but progress is mixed and domestic reported infections are surging to their highest level since March 2020.

CanSino and Zhifei have received the regulatory green light for their respective COVID-19 booster shots in China and an estimated $1.3bn vaccine market is now up for grabs. Domestic contenders are set to elbow each other in the sector with a range of viral vector, recombinant protein and mRNA-based jabs.

Hong Kong is having to take drastic new measures, including a vaccine mandate, to fight a rapid surge in COVID-19 cases amid its strict "COVID zero" policies, which might signal potential challenges in the mainland. Meanwhile, US mRNA vaccine developer Moderna has announced an expansion in Asia.

Total of $571m raised in China from 10 venture capital and private equity funding deals betting heavily on mRNA and targeted oncology, as well as gene and cell therapies.