New Delhi: At a time when different countries are in a race to develop coronavirus vaccine, China on Monday has put its homegrown coronavirus vaccines on display for the first time at a Beijing trade fair this week. Also Read - 'China Back Off': Fresh Protests Break Outside Embassy in Nepal Over Alleged Chinese Intrusion

Produced by Chinese companies Sinovac Biotech and Sinopharm, the vaccine is yet to hit the market but the makers of the vaccine believe it will be approved after all-important phase 3 trials as early as year-end. Also Read - Corona Vaccine Update: COVID-19 Vaccine 'Might be Much More Effective in Preventing Moderate to Severe Infection,' Says Drug Authority

The company in a statement told a news agency that it has already completed the construction of a vaccine factory which will be able to produce 300 million doses a year. Also Read - China Has no Intention to Fight Either 'Cold War' or 'Hot War' With Any Country: Xi Jinping

Not yet given any official name, the vaccine, which is on display at the Beijing Trade Fair are among nearly 10 worldwide vaccines to enter phase 3 trials.

Russia had last month claimed that it has developed word’s first corona vaccine with the name ‘Sputnik V’ after the Soviet-era satellite that was the first launched into space in 1957.

As per reports, the Sputnik V, Russia’s COVID vaccine, has passed early trial test and the patients involved in early tests developed antibodies with no serious adverse effects, a research article published in The Lancet said.

Earlier, Russia had said that it is planning to produce 6 million doses of coronavirus vaccine per month. The RIA news agency cited Russian Industry Minister Denis Manturov as saying that Russia is planning to produce between 1.5 million and 2 million doses per month of its potential coronavirus vaccine by the year end.

The Sputnik V vaccine consists of two shots that use different versions of adenoviruses — virus types, some of which cause the common cold — that the manufacturers have engineered to carry the gene for the surface protein of SARS-CoV-2 that causes COVID-19.