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China's Foreign Minister Wang Yi, who is reportedly scheduled to announce the country's new data security initiatvie, in Berlin, Germany on Sept. 1. Photo: Peng Dawei/Xinhua via Getty Images

China is set to announce its own global data security initiative on Tuesday, the Wall Street Journal reports, citing people briefed on the issue.

Why it matters: China's effort is aimed at countering U.S. attempts to bar Chinese technology from other countries, most recently through the Clean Network program announced last month, WSJ reports.

Driving the news: Secretary of State Mike Pompeo announced the Clean Network program as a guard for the U.S. and 30 other countries against "aggressive intrusions by malign actors, such as the Chinese Communist Party."

  • The program would "exclude Chinese telecommunications firms, apps, cloud providers and undersea cables from internet infrastructure" used by the U.S. and participating countries, per WSJ.
  • China's draft for its security initiative reportedly does not mention the Clean Network program or the U.S.

Of note: A federal grand jury returned an 11-count indictment against two Chinese hackers in July for a "sweeping global computer intrusion campaign" that began over 10 years ago and targeted companies developing coronavirus vaccines and treatments.

Go deeper

Dec 11, 2020 - World
Expert Voices

China has politics too: Xi Jinping prepares for make-or-break decade

Photo: Kevin Frayer/Getty Images

While Americans were fixated on the U.S. presidential election, another major political event was happening in China: the Chinese Communist Party (CCP) Central Committee’s crucial Fifth Plenum meeting.

The big picture: The plenum underlined a further consolidation of Xi Jinping’s political hold on the party, lauding Xi as China’s “great navigator and helmsman,” a term last used for Mao Zedong. It also approved the outline of China’s all-important next Five-Year Plan for 2021-2025, and set 15-year goals out to 2035.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Investors increase their exuberance

Illustration: Eniola Odetunde/Axios

U.S. stocks jumped across the board on Monday and the S&P 500 had its best day since June 5, as the bulls stepped in and bought the dips in stock prices following last week's minor selloff.

Why it matters: While some have worried rising U.S. interest rates would dampen investor exuberance over the expected pickup in economic growth thanks to increasing vaccine numbers and big fiscal spending hopes, Monday showed investors still like risk assets. A lot.

3 hours ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.