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China is gunning for the United States' position as the world leader in biotech, according to a new report by the Information Technology and Innovation Foundation.

Details: The Chinese government has set up more than 110 bioscience research parks, including one in Shanghai referred to as "Pharma Valley." The Ministry of Science and Technology plans to build up to 20 more parks by 2020.

  • Drug companies are eligible for incentives including free or subsidized lab and manufacturing space and a 15-point reduction in corporate income taxes.
  • More than 1,000 government-funded venture capital firms will provide as much as $800 billion in capital.

The Chinese are investing in specific therapeutic areas, including genomics. Chinese researchers are writing an increasing share of the world's academic papers on genomics.

Go deeper: China wants its own pharma industry

Go deeper

Updated 2 hours ago - Politics & Policy

Senate pulls all-nighter on amendments to COVID relief package

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate continued to work through votes on a marathon of amendments overnight into Saturday morning.

The elusive political power of Mexican Americans

Data: Pew Research Center, U.S. Census Bureau; Chart: Michelle McGhee/Axios

Mexican Americans make up the nation's largest Latino group, yet they remain politically outshined by more recently arrived Cuban Americans.

Why it matters: The disparities in political power between Mexican Americans and Cuban Americans reflect the racial, historical, geographical and economic differences within Latino cultures in the U.S.