Chinese President Xi Jinping. Noel Celis – Pool/Getty Images

At the G20 Summit in Riyadh, Saudi Arabi, President Xi Jinping of China said that his country was prepared to intensify cooperation on a global effort to develop vaccines for COVID-19.

The G20 Summit of the world’s largest developed economies is being held virtually this year, so Xi’s comments were relayed to the attendees by video, Reuters reported.

Pfizer and BioNTech, as well as Moderna, have in the past two weeks announced vaccines that the companies maintain could be more than 90% effective in fighting the disease caused by the novel coronavirus, which has forced shutdowns and plunged economies into recessions. 

The companies have completed late-stage trials and are now seeking rapid approvals

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