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China's President Xi Jinping (R) and Premier Li Keqiang are applauded by delegates, including former Hong Kong chief executive Tung Chee-hwa (top C), at the Congress in Beijing on Thursday. Photo: Nicolas Asfouri/AFP via Getty Images

China's legislature on Thursday passed a resolution called the "patriots governing Hong Kong," in a move to overhaul the city's elections.

Why it matters: The action effectively gives the Chinese Communist Party control of the Asian financial hub's elections, reducing democratic representation and allowing a "pro-Beijing panel to vet 'patriotic' candidates," the BBC notes.

  • Secretary of State Antony Blinken told Congress Wednesday that the Biden administration would "speak out and take action against egregious violations of democracy and human rights in Hong Kong."
  • Blinken vowed to "follow through on sanctions" against "those responsible for committing repressive acts" in the former British colony.

By the numbers: Lawmakers in Beijing voted 2895-zero for the Hong Kong resolution, with one abstention.

What to watch: President Biden is meeting with the leaders of Japan, Australia and India in a virtual summit of the so-called "Quad" this Friday, as part of efforts to counter China's growing influence in the Indo-Pacific region.

  • Blinken and White House national security adviser Jake Sullivan will meet with two top China officials next week in Anchorage, Alaska, in the first in-person meeting between senior U.S. and China officials since Biden took office.

Go deeper: Cyber, human rights expected to top U.S.-China summit

Editor's note: This article has been updated with new details throughout.

Go deeper

"No-code" miracle for startups

Expand chart
Data: Interactive Advertising Bureau; Table: Axios Visuals

The U.S. has reached a tipping point in its shift from the industrial economy — one that relied on the buildout of hardware — to an information economy that relies on the transfer, storage and implementation of data, according to a new report.

Why it matters: This shift towards a data and information-based economy has allowed more businesses to establish themselves and scale quickly and at a very low cost. As such, the number of jobs created by the commercial internet has more than tripled since 2012.

Amazon's small business shield

Illustration: Aïda Amer/Axios

Amazon is touting the success of small sellers on its platform through the pandemic — and warning that antitrust legislation could jeopardize that success and blow up its open-marketplace model.

Why it matters: As online shopping became a lifeline for both businesses and consumers during the pandemic, Amazon reaped big benefits, but also saw its regulatory risk grow.

The new cold war panic

Illustration: Aïda Amer/Axios

The world has seen a power struggle between nuclear powers before, and has seen those countries inch closer to military conflict. But it's never before seen a cold war between two countries as interconnected — with each other and with the rest of the globe — as the U.S. and China.

Why it matters: Escalating antagonism between the world's two superpowers is likely to hinder global cooperation to fight climate change, divert resources to costly arms and tech races, complicate diplomacy for U.S. allies, and victimize Chinese and American citizens living in each other's countries.