The Bloomberg reports that Chinese Premier Li Keqiang ordered the government to investigate the nation's vaccine industry after violations found at a biologics manufacturer heightened concerns about drug safety. Shares of vaccine makers tumbled in Shanghai after Li said China will crack down on crimes that endanger people's lives and hold perpetrators responsible. The premier's order came following an outcry on social media after Changsheng Bio-Technology Co. was found to have fabricated production and inspection data on a rabies vaccine, as well as violations in the manufacturing of an infant vaccine. China's drug regulator will vet all vaccine makers, China Central Television reported. Demand for vaccines in China is on the rise, driven by loosened family planning policies, increasing awareness and an aging population. The country's 30 billion yuan ($4.4 billion) vaccine market is expected to double by 2021. The rapid growth of the vaccines market has also been tainted with safety issues, with consumers in an uproar in 2016 over expired vaccines being sold nationally.

The Financial Times reports that housing sales in China will peak this year and then begin a long-term decline, an inflection point that will drag on growth in the construction-heavy economy and hit global commodity demand, according to economists. China's economy has reduced its dependence on property in recent years, but construction remains a crucial growth pillar, employing 27m workers and fuelling demand for steel, copper and cement. Growth of housing sales has also been remarkably consistent, with only two annual declines since data began in 1992. But the paring back of a government subsidy programme that provided about Rmb2tn ($300bn) in cash support to homebuyers since 2014 is adding to structural factors weighing on the market.