Media Focus on Multinational Corporations [2022.11.14]






BioNTech Expands Global Footprint by Acquiring GMP Manufacturing Site to Establish First mRNA Facility in Singapore

 BioNTech SE (Nasdaq: BNTX, “BioNTech” or “the Company”) today announced its Singapore affiliate BioNTech Pharmaceuticals Asia Pacific Pte. Ltd. had entered into an agreement with Novartis Singapore Pharmaceutical Manufacturing Pte. Ltd. to acquire one of its GMP-certified manufacturing facilities. The acquisition is part of BioNTech’s expansion strategy to strengthen its global footprint in Asia. Supported by the Singapore Economic Development Board (“EDB”), the facility will serve as BioNTech’s Regional Headquarters and become its first mRNA manufacturing facility in Singapore.

“We are excited to be moving a step closer to expanding our global manufacturing network to Singapore, supporting production of mRNA-based vaccines and therapeutics for the Asia Pacific region. The acquisition gives us the opportunity to accelerate the establishment of a state-of-the-art mRNA manufacturing facility and thus to create capacity more quickly for potential clinical studies and commercial supply of our mRNA vaccines and therapeutics for the region,” said Dr Sierk Poetting, Chief Operating Officer of BioNTech. “In the coming months, we will work closely with all parties on the smooth transition of the site as we continue to prepare for the launch.”

“We are delighted that BioNTech has chosen Singapore as the location for its new Regional Headquarters and first mRNA manufacturing facility in the Asia Pacific region. The company’s investment demonstrates confidence in the strong talent base and deep manufacturing capabilities of our biopharmaceutical ecosystem. BioNTech’s presence will enhance Singapore’s mRNA capabilities and enable us to strengthen future pandemic preparedness across the region,” said Ms. Goh Wan Yee, Senior Vice President and Head, Healthcare, EDB.

BioNTech’s Singapore mRNA manufacturing facility will create regional manufacturing capacities in support of BioNTech’s growing pipeline of mRNA-based vaccines and therapeutics across Asia Pacific region for both commercial and clinical scale, with the potential to expand the production to other drug classes, such as cell therapies. The facility will be initially equipped to manufacture a range of mRNA-based product candidates as well as authorized vaccines and therapeutics for infectious diseases. This may include the Company’s COVID-19 vaccine, as well as oncology product candidates if successfully developed and approved or authorized by regulatory authorities.

The site will be a fully integrated mRNA manufacturing facility bringing mRNA production capabilities across drug substance and drug product, with an expected annual production capacity of up to several hundred million doses of mRNA-based vaccines after a full built-out. It is expected to create more than 100 jobs in Singapore by 2024 across multiple functions, including operations, engineering, quality, finance, human resources, as well as supply chain management, with recruiting starting immediately for first positions. The plant will be part of BioNTech’s affiliate BioNTech Pharmaceuticals Asia Pacific Pte. Ltd. and be fully integrated into the Company’s global manufacturing network.


CIIE expands Sanofi Vaccines' understanding of Chinese market

The China International Import Expo has provided Sanofi Vaccines a deeper understanding about the vitality and potential of the Chinese market, making the company more confident, more determined, and more ambitious to thrive in China, according to a top executive of the company.

Zhang Heping, head of Sanofi Vaccines Greater China, made the remarks as the fifth CIIE concluded on Thursday.

'This is the fifth time Sanofi Vaccines has attended the CIIE,' Zhang said, adding the company has showcased its achievements in efficient detection, innovative approaches, smart vaccination and talent development at this year's CIIE.

'Benefiting from the great influence of the CIIE and the 'China speed' generated by its strong spillover effect, Sanofi Vaccines' vision, partnerships and innovations that have developed from attending the CIIE in the past four years are turning into tangible results, and at an accelerated pace, to help safeguarding the health of more people in China,' he said.


ExxonMobil to Start Gas Reserve Seismic Surveys in Greece

ExxonMobil will start conducting seismic surveys in two blocks southwest of Greece's Peloponnese peninsula and the island of Crete in the coming days, Greece said on Monday.

Greece, an entry point for natural gas in the eastern Mediterranean, aspires to become a gas producer and a hub for the storage and transfer of gas to the rest of Europe, given its location and investments on related infrastructure.

'Our country, regardless of its focus on a fast green transition, is obliged to explore if it has the potential to mine natural gas, which will contribute to our country's energy security and Europe's,' Greece said.

These surveys will begin by ExxonMobil in the coming days.

In July, ExxonMobil and Greece's biggest oil refiner HelleniQ Energy agreed to take over TotalEnergies' share in two contracts for gas and oil exploration off Crete, after the latter pulled out.

ExxonMobil is the operator, owning 70% of the rights for looking for hydrocarbons off Crete. HelleniQ Energy holds the rest.

It said in April the country plans to speed up exploration for gas reserves to replace Russian gas with indigenous resources. The country aims to have a clear idea by 2023 on whether it has gas reserves it could tap.



Equinor has signed an agreement to buy BeGreen, a leading solar project developer in North-West Europe. The acquisition strengthens Equinors capabilities and portfolio within solar PV.

Today, BeGreen is owned by the Bregentved Group and members of the executive board.

Following the transaction, BeGreen will be a fully owned Equinor subsidiary, and the current team and management will continue developing solar PV projects.

The future power from the BeGreen portfolio will be commercialised in the energy market by Equinors subsidiary Danske Commodities, utilising their extensive market presence and expertise to capture opportunities in the market.

The BeGreen project portfolio is anticipated to deliver within Equinors expected range of 4-8% real base project return for renewables projects, including acquisition price.

Over the last few years, Equinor has been developing onshore renewables and storage positions in Europe through the investment in local companies securing both capabilities and early phase project pipelines such as Wento in Poland and Noriker Power in the UK. With this, Equinor is progressing on its energy transition plan.


Germanys Covestro pauses $1.5bn MDI plant project on economic woes

Covestro has halted plans to build a $1.5bn methylene diphenyl diisocyanate (MDI) plant as economic conditions continue to weaken, the German chemicals major said on Monday.

Covestro said the severely disruptedglobal economy due to the energy crisis and inflationary pressures had prompted it to reassess at a later timethe MDI plant project.

This decision by Covestro marks yet another twist in the tale for the project.

In January 2020, Covestro halted plans to build a 500,000 tonne/year MDI plant in Baytown, Texas.

Subsequently, in September 2021, Covestro said it would resume the investment project but did not disclose whether it would be in Baytown or elsewhere.

Up until September this year, the company was still saying it would proceed with its second attempt to build a large-scale MDI plant.

The company was mulling over the US or China as potential locations.

However, the companys CEO Markus Steilemann had conceded in an investor call in September 2021 that planned capital expenditure (capex) of $1.5bn for this project would need to increase, especially if the plant were to be built in the US.

As economic woes continued mounting over the past two months, the company finally decided to pause the project.

The war, the European energy crisis andgrowing inflation have severely disrupted the global economy,said Steilemann, as he described the decision to pause the project for the moment and reassess it at a later time.

Both the plants location and its production capacity have yet to be decided.

The companys CFO, Thomas Toepfer, spoke of unprecedented challenges that are shifting the global economic situation fundamentallywhich prompted Covestro to take a closer lookat the MDI project.

Covestros third-quarter earnings fell sharply, year on year, on the back of higher energy and raw materials costs, the company said in October.

MDI is consumed mainly in polyurethane (PU) foams, which account for about 80% of global consumption.

Rigid foams, the largest outlet for MDI, are used mostly in construction, refrigeration, packaging and insulation.

MDI is also used to make binders, elastomers, adhesives, sealants, coatings and fibres.


Huawei called for network evolution at COP27 to enable green development

Huawei Technologies Co. said information and communications technologies, or ICT, will enable the digitalization of industry, spark innovation and make other industries green.

The remarks were made at a meeting organized by the Global Innovation Hub of the United Nations Framework Convention on Climate Change at the ongoing 27th session of the Conference of the Parties, or COP27, in Egypt, on Thursday.

Referring to what is known as the 'enabling effect', Philippe Wang, Huawei's executive vice president for the Northern Africa region, said ICT is 'making other industries greener'.

'5G, artificial intelligence, data analytics, cloud computing all these things will improve industrial processes in a way that cuts energy use, and lowers carbon emissions,' he said.

According to Wang, in the same way that ICT enables a smart streetlight to turn itself off when no one is around, 5G wireless base stations can automatically shut down when there is no data traffic, which saves energy.

Base stations need a power source and have antennas. For its part, Huawei has been replacing diesel generators with solar panels, which offer a cleaner source of electric power, in Nigeria and Angola. At the same time, the company has launched a green 5G antenna that can cut energy consumption.


CNPC announces major oil and gas discovery in Brazil

China National Petroleum Corp announced a major oil and gas discovery in a pioneer well in the Aram block in Brazil on Thursday.

The discovery declared together with Brazilian oil and gas giant Petrobras is located 240 kilometers from the city of Santos in Brazil, at a depth of 1,905 meters in the Aram Block. It will allow evaluating the potential and directing the next exploratory activities in the area, said the company.

The two parties will continue operations to drill the well to the expected depth and verify the extent of the new discovery, in addition to characterizing the conditions of the reservoirs found, it said.

CNPC entered into Brazil's deep-water oil and gas market in 2013 by winning the bid for Libra project. Currently, CNPC operates three ultra-deep sea JV projects, the Libra project, the Buzios project and the Aram risk exploration block, with business in the country covering deep-sea oil exploration, production and marketing, and marine engineering services.


Canon aims to increase investment in China

Japanese tech company Canon Inc is doubling down on the printing, healthcare, video surveillance and other emerging sectors and will increase its investment in the Chinese market, said Hideki Ozawa, president and CEO of Canon China.

Canon aims to promote the consumption upgrade in imaging and healthcare segments by leveraging cutting-edge technologies including 5G, cloud computing, big data and artificial intelligence, in a bid to achieve long-term sustainable development in China, Ozawa said.

Canon attaches great importance to the Chinese market and aims for it to become No 1 in terms of sales within the whole group by 2035, Ozawa said, adding that the company will continue to expand its presence in the business-to-business and business-to-consumer segment and strengthen its cooperation with its Chinese partners.

It will also speed up its localization push and launch tailor-made products and solutions in accordance with the requirements of the Chinese market.

Having participated in the China International Import Expo for five consecutive years, Ozawa said Canon hopes to use the platform to showcase its state-of-the-art technology and announce its business development strategy in China. The company unveiled its latest mixed reality system and 3D modeling shooting solution for the first time at this year's expo.

Pacific Insurance

China Pacific Insurance joins forces to create rehabilitation hospital

China Pacific Insurance's rehabilitation industry fund just joined hands with Shanghai Dayue Tang Hospital Management Co Ltd to work on a high quality rehabilitation hospital in Shanghai, as the insurer's latest commitment to the insurance plus health strategy.

Shanghai Yuanshen Jinmai Rehabilitation Hospital, the first rehabilitation hospital laid out by China Pacific Insurance, will build nearly 220 beds, combining rehabilitation medical treatment with health management, elderly care and clinical medical treatment. According to the agreement, the hospital will be built and operational around mid-2024.

In addition, China Pacific Insurance intends to link the rehabilitation hospital with its Pacific Care Home in Putuo district, which is an elderly care community, to explore a new cooperation model between rehabilitation medical institutions, retirement communities and insurance institutions.

Shanghai's rehabilitation medical industry has entered a period of rapid development. In July of 2022, the Shanghai Health Care Commission, the Development and Reform Commission and other eight departments jointly issued the 'Notice on the Implementation Plan for Accelerating the Development of Rehabilitation Medical Services in Shanghai'.

In 2020, China Pacific Insurance established its rehabilitation industry fund with an initial investment of three billion yuan ($416 million) to accelerate the layout of rehabilitation medical investment.


Toyota Tsusho : Establishes Vehicle Assembly Business Company in Cambodia - MOU signed with Government of Cambodia for collaboration in the automobile industry

Toyota Tsusho Corporation ('Toyota Tsusho') announces today that it has established the vehicle assemble company Toyota Tsusho Manufacturing (Cambodia) Co., Ltd., ('TTMC') in the Kingdom of Cambodia. The investment amount for this project is approximately 36.8 million US dollars.

TTMC's new plant, to be built in the Phnom Penh Special Economic Zone, is going to locally assemble Toyota HILUX pickup truck and Toyota FORTUNER SUV.

This project is an initiative based on the 'MOU on Cooperation for the Development of the Automobile Industry' signed between the Government of Cambodia and Toyota Tsusho as part of the ASEAN-related Summit held from November 8 to 13, 2022. The MOU was signed by H.E. Mr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance of the Kingdom of Cambodia, and Mr. Toshimitsu Imai, Vice President of Toyota Tsusho at the MOU signing ceremony held on November 12 (local time). It was signed in the presence of Cambodian Prime Minister Hun Sen and Japanese Prime Minister Fumio Kishida.

Through this project, Toyota Tsusho will contribute to the development of Cambodia's automobile industry, economy, and society.


Boeing : Built X-37B Completes Sixth Mission, Sets New Endurance Record

The Boeing [NYSE: BA] built X-37B Orbital Test Vehicle (OTV) set a new endurance record after spending 908 days on orbit before landing at NASA's Kennedy Space Center in Florida at 5:22 a.m. ET, November 12, 2022. This surpasses its previous record of 780 days on-orbit.

With the successful completion of its sixth mission the reusable spaceplane has now flown over 1.3 billion miles and spent a total of 3,774 days in space where it conducts experiments for government and industry partners with the ability to return them to Earth for evaluation.

For the first time, the vehicle carried a service module to augment the number of payloads it can haul. The module separated from the OTV prior to de-orbiting ensuring a safe and successful landing.

'This mission highlights the Space Force's focus on collaboration in space exploration and expanding low-cost access to space for our partners, within and outside of the Department of the Air Force (DAF),' said Gen. Chance Saltzman, Chief of Space Operations.

The sixth mission was launched atop a United Launch Alliance Atlas V rocket from Cape Canaveral Space Force Station in May 2020. Hosted experiments included a solar energy experiment designed by the Naval Research Lab, as well as a satellite designed and built by cadets at the U.S. Air Force Academy in partnership with the Air Force Research Laboratory. The satellite, dubbed FalconSat-8, was successfully deployed in October 2021 and remains on orbit today.

This mission also hosted multiple NASA experiments including the Materials Exposure and Technology Innovation in Space (METIS-2), which evaluated the effects of space exposure on various materials to validate and improve the precision of space environment models. This was the second flight for this type of experiment. Mission 6 also hosted a NASA experiment to evaluate the effects of long-duration space exposure on seeds. This experiment informs research aimed at future interplanetary missions and the establishment of permanent bases in space.

'Since the X-37B's first launch in 2010, it has shattered records and provided our nation with an unrivaled capability to rapidly test and integrate new space technologies,' said Jim Chilton, senior vice president, Boeing Space and Launch. 'With the service module added, this was the most we've ever carried to orbit on the X-37B and we're proud to have been able to prove out this new and flexible capability for the government and its industry partners.'

The X-37B program is a partnership between the U.S Department of the Air Force Rapid Capabilities Office and the U.S. Space Force. Boeing designed and manufactured the spaceplane and continues to provide program management, engineering, test and mission support from sites in Southern California, Florida and Virginia.

In 2020, the X-37B received the Robert J. Collier Trophy for advancing the performance, efficiency and safety of air and space vehicles.


Airbus starts A321 aircraft production in Tianjin

European aircraft manufacturer Airbus said on Wednesday that it has started assembling the A321 single-aisle aircraft at its final assembly line in Tianjin, and the first A321 aircraft is scheduled for delivery in early 2023.

The breakthrough expands and deepens its collaboration with China's aviation industry, and shows its commitment to enhance long-term strategic partnership with China, the company said. The A321, the biggest member of the A320 family, now serves as Airbus' narrow-body aircraft with the strongest demand globally.

The final assembly line in Tianjin started the adaptation work to become A321-capable in August. It is the first major upgrade of the assembly line since its operation commenced in 2008. Since its first A320 delivery in 2009, the final assembly line in Tianjin has delivered more than 600 aircrafts over its 14 years of operation.

'Since we announced plans to expand the capability of the final assembly line in Tianjin to A321 production last November, the Airbus Tianjin team has completed the relevant adaptation work on schedule by working closely with European experts and our suppliers to overcome the impact of the COVID-19,' said George Xu, Airbus executive vice-president and Airbus China CEO.

'The commissioning of the first A321 aircraft underlines Airbus' commitment to China, and it marks a new milestone in the industrial cooperation with our Chinese partners,' Xu said.

Airbus has four A320 family assembly facilities globally, and they are located in Toulouse, France; Hamburg, Germany; Tianjin; and Mobile, the United States. By the end of this year, all commercial aircraft assembly sites will be A321-capable, as part of its industrial strategy to meet rising demand of A321 production.

Meanwhile, Airbus has signed agreements with Xiamen Airlines, Zhejiang Loong Airlines and Colorful Guizhou Airlines to promote the use of sustainable aviation fuel for commercial flights in China during the 14th China International Aviation and Aerospace Exhibition in Zhuhai, Guangdong province on Tuesday.

With these agreements, Airbus and its Chinese operators will further support the green aviation strategy in China. The SAF for those commercial flights is produced locally from used cooking oil by Sinopec Zhenhai Refining and Chemical Co, a State-owned manufacturer in China. The Chinese SAF made by the only certified Chinese facility is also used for delivery flights from Airbus Tianjin.

Since October, the delivery center of Airbus in Tianjin started to offer carriers the option of a 5 percent SAF fuel blend for all single-aisle A320 family aircraft and A350 wide-body aircraft delivery flights.

Wilo Group

Germany's Wilo Group to pump more investment into China

After seeing its sales revenue surge by more than 20 percent year-on-year in China in 2021, Wilo Group, a German provider of pumps and pump systems, will add investment in the country and put a new plant into operation in Changzhou, Jiangsu province, in early 2023, said a senior executive.

Together with other manufacturing bases in China, the new factory's products will not only supply the Chinese market but be exported to other emerging markets, said Lyman Tu, Wilo's vice-president for China and Southeast Asia.

The German company produces water pumps that are used in a wide range of functions, such as cooling and heating systems for central air-conditioning in buildings, sponge city construction and industrial factories.

Founded in 1872 with its headquarters in Dortmund, Germany, Wilo marked its 150th year anniversary ceremony at the 5th China International Import Expo in Shanghai to share its historic milestone with Chinese partners.

Tu said the CIIE has already become a bridge and platform for multinational companies to engage with their customers in China.

'We believe that the CIIE will further unleash China's opportunities and demonstrate the huge potential of the Chinese market for foreign investors,' he said.

To achieve the dual carbon goals and keep improving production efficiency at the same time, Chinese industries are undergoing a dual transformation toward digitalization and sustainability, which has raised the emerging need for innovative, green and digital solutions, and has brought numerous opportunities for Wilo to further grow in China, Tu noted.

Wilo currently runs 15 business branches and two manufacturing bases in Beijing and Qinhuangdao, Hebei province.

With the growing importance and potentials of the Chinese market, Wilo has announced further investment in R&D and to enlarge its product portfolio in China in its 2025 strategy.

China's broad market prospects, integrated supply chain and improving market environment are the main reasons for Wilo to expand its presence, said Tu, adding China will likely become the group's largest market by 2023.

Many opportunities also come from China's efforts to efficiently use its water resources, surging demand for high-efficient solutions for businesses from sectors including big data and artificial intelligence, manufacturing, water sewage disposal and treatment, mining, power industry, metals, and commercial building services, said Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics in Beijing.


CNOOC finishes offshore installations at Bohai

China National Offshore Oil Corp has finished the installation of 7 offshore platforms at the biggest block of the Kenli 6-1 oil field, the first 100-million-metric-ton oil platform in the northern section of Laizhou Bay in the Bohai Oilfield, further boosting oil and gas production in the region.

Located in the country's largest crude oil production base, the Kenli 6-1 oil field is capable of supplying one million cars to run for more than 20 years after being put into operation, the company said.

Bohai Oilfield produced more than 30 million tons of crude oil in 2021, contributing to half the national increase in output last year. The field's annual crude output is expected to increase by 2 million tons in the next three years and output in 2025 is set to surpass 40 million tons, helping to ensure continuity in oil and gas supply, CNOOC said.

Bohai Oilfield started its development in 1965. Over 4.4 billion tons of crude oil and nearly 500 billion cubic meters of natural gas have been located since its exploration began, and more than 493 million tons of fuel have been extracted.

Zeiss Group

Zeiss sees big opportunities in Chinese market

Zeiss Group, a German optics company, sees big opportunities in the Chinese market amid growing demand for high-quality imaging technologies, a senior company executive said.

Maximillan Foerst, President and CEO of Zeiss Greater China, said during the past two years China has become the world's largest single market for Zeiss, and it is also one of the most innovative and fastest-growing markets, critical to Zeiss' future growth.

'Since entering the Chinese market for the first time in 1957, Zeiss has been steadfast in our long-term commitment to it. We are taking active steps to response to the Chinese government's rallying call for a 'Regional Innovation Hub' and 'Healthy China'. With full consideration of the unique nature of the Chinese market, we will continue to innovate our localization model so as to meet diverse local demands,' Foerst said.

At the ongoing fifth China International Import Expo, held in Shanghai through Thursday, Zeiss showcased a string of products such as semiconductor manufacturing technology, industrial quality and research, medical technology and optical consumer goods, which includes its cooperation with Chinese smartphone vendor Vivo.

Yu Meng, vice-president of imaging at Vivo, said the company has established a camera partnership with renowned German lens company Zeiss to refine the photo-taking capabilities of its smartphones.

Vivo will step up efforts to enhance mobile imaging capabilities via in-house research and development as well as joint innovation, Yu said.


LVMH continues to desire strong bond with China

Global luxury group LVMH said that, as an old friend of the China International Import Expo, it is witnessing the country's trade opening-up along the way, and will continue to strengthen the bonds with Chinese consumers.

LVMH Board Member Antoine Arnault, said in a greeting video during the 2022 CIIE that LVMH has forged a solid and fruitful relationship with China.

'We have witnessed and participated in China's tremendous growth, development and further opening-up to foreign trade ever since the early 1990s,' he said.

Andrew Wu, president of LVMH Greater China, agreed: 'The CIIE is an important signal of China's continued opening-up, through which the country reaches out to rest of the world and promotes new connections. Believing in this huge market's great vitality, each time when our group participates in the CIIE, we demonstrate our confidence and proactively engage with audiences above and beyond the expo'.

'We find that China is more than a market unparalleled by its size and participant compliance, it is also a partnership ecosystem, all contributing to the performance of our products and our Maisons,' Arnault said.

This year, with a theme of 'Reconnection', LVMH showcased exhibits from 14 of its Maisons to the expo.

For example, Bulgari displayed its first High Jewelry Digital Collectibles, a latest watch linked with Web 3.0, Heritage Interactive 3D Hologram and the Bulgari Microverse for visitors to dive in.

Using digital technology, Dior took attendees on a virtual reality tour of 30 Avenue Montaigne in Paris.

Global luxury travel retailer DFS, participating in the CIIE for the first time, launched the first luxury travel retail metaverse with its Beauty Guides as personal concierges to the virtual luxury playground.

Paying homage to the Chinese market, Fendi presented a special Baguette bag inspired by the Great Wall in Beijing.

'We are determined to continue strengthening our long-lasting bonds with Chinese consumers,' Arnault said.

Takeda Pharma

Takeda Pharma to grow biz in China

Takeda Pharmaceutical Co Ltd said it is on track to make the China market its second-largest globally by 2030.

Ramona Sequeira, president of Takeda's global portfolio division, said during the fifth China International Import Expo that China's high-standard opening-up is a big positive.

'China is one of our strategic markets and key growth driver for Takeda globally. It has potential and significant opportunities for growth and they are closely aligned with Takeda's ambitions.

'We continue to bring new medicines to China, making them available to Chinese patients. Within the next decade, China will become our second-largest market after the United States.'

Sequeira said the company's global portfolio division was formed to find a way to have an impact on the world with Takeda's medicines, by making them available to as many patients as possible.

'We have made targeted investments as the local operating environment continues to reward innovation. Specifically, we will further build our capabilities in China, through new product launches, and talent development for the entire globe,' she said.

The CIIE, she said, has played a role in fast-tracking local regulatory approvals for several of Takeda's innovative drugs and breakthrough therapies.

Over the past five years, nine of Takeda's innovative medicines received approvals from the National Medical Products Administration.

Sean Shan, president of Takeda China, said various policies and measures in China have helped accelerate the new drug approval process and expand patient access. Optimization of the new drug registration path and inclusion of high-value drugs in the national reimbursement list are positive developments, he said.

This year's CIIE attracted 15 global pharmaceutical giants. Expo watchers said over 100 innovative products will be on display at the event.

Official data showed the National Healthcare Security Administration imported medicines and consumables worth more than 47 billion yuan ($6.5 billion) in 2021.

The CIIE is a great platform that signals China is supporting the importation of innovative drugs. The country is also strengthening the confidence of foreign companies to enter the local market and explore development potential, the NHSA said in a statement.

Shan said: 'At this year's CIIE, we set up an 800-square-meter booth to showcase eight of our first-in-class/best-in-class innovative products and breakthrough therapies in the fields of oncology, rare diseases, gastroenterology, and plasma-derived therapies. We are benefiting from the spillover effect of the CIIE.'



Amazon's first front-end bonded warehouse to settle in Ningbo

Amazon announced on Nov 5 that the first front-end bonded warehouse for its Global Store will be settled in Ningbo, Zhejiang province, in 2023, Ningbo Daily reported on Tuesday.

The Amazon Global Store chose to set up its first front-end bonded warehouse in Ningbo with the aim to better serve Chinese consumers' demand for imported products.

Its bonded warehouse in Ningbo will first be used for Amazon's UK and German sites, with further expansion to cover all four overseas sites in the US, the UK, Japan, and Germany.

It is reported that Chinese consumers will enjoy better services for purchasing overseas products because the launch of the bonded warehouse will shorten the logistic time by four to five days on average compared with direct delivery from overseas.

Amazon Global Store is expected to import more new overseas categories, such as pet food, through its Ningbo front-end bonded warehouse.

Amazon looks forward to working with Ningbo Cross-border E-commerce Pilot Zone to optimize the whole chain of buying products from overseas, said Li Yanchuan, head of Amazon China Global Store and Prime.

The settlement of the front-end bonded warehouse of Amazon in Ningbo will boost the cross-border export business of Ningbo, said Chen Lizhen, deputy director of Ningbo Commerce Bureau.