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President Xi Jinping arrives to a session of the National People's Congress. Photo: Kevin Frayer / Getty Images

China's National People's Congress overwhelmingly passed a constitutional amendment to eliminate presidential term limits, paving the way for President Xi Jinping to stay in power after his second term ends in 2023. The vote was as follows, per the AFP's Joanna Chiu: 2958 in favor, 2 against, 3 abstentions, 1 invalid vote.

Why it matters, according to Axios contributor Bill Bishop: Xi is working to obliterate any boundaries between party and state and to reinsert the Communist Party of China (CPC) into all aspects of China's economy and society — all while ensuring he's the unchallenged embodiment of the CPC. The end result will be Xi's complete dominion over all parts of Chinese government and society.

Go deeper

Dan Primack, author of Pro Rata
24 mins ago - Economy & Business

Why fears of a SPAC bubble may be overblown

Illustration: Annelise Capossela/Axios

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.

Schumer says Senate will stay through weekend to vote on COVID relief

Senate Majority Leader Chuck Schumer (D-N.Y.) accused Sen. Ron Johnson (R-Wis.) of going to "ridiculous lengths" to show his opposition to a COVID relief package widely supported by the American public, after Johnson demanded that the entire 600-page bill be read on the Senate floor.

The state of play: Johnson's procedural move will likely add 10 hours to the 20 hours already allotted for debate, during which Republicans will propose amendments to force uncomfortable votes for Democrats. Schumer promised that the Senate will stay in session "no matter how long it takes" to finish voting on the $1.9 trillion rescue package.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

What central bank digital currencies mean for crypto

Illustration: Aïda Amer/Axios

Central bank digital currencies, or CBDCs, represent the ultimate ratification of digital finance: Its adoption by the most venerated guardians of the international monetary architecture.

Why it matters: Crypto-evangelists often talk about CBDCs in awed terms. But it's far from clear that the bitcoin-and-ethereum crowd would ultimately benefit from money going digital.