Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Chinese President Xi Jinping. Photo: Antoine Gyori/Corbis via Getty Images

China's growth so far this year has been better than expected and it will begin a shift away from stimulus and towards reform and restructuring, according to China's 25-member ruling body headed by President Xi Jinping. The news was reported by state news agency Xinhua.

Why it matters: China's stimulus has been a major source of relief for Chinese and global financial markets, and the government now looks to be shifting gears.

Background: China ratcheted up stimulus in 2018, including tax and fee cuts amounting to nearly $300 billion, and 5 separate cuts to banks' reserve requirement ratios to spur lending.

  • Economists, including IMF Managing Director Christine Lagarde, as well as buy- and sell-side analysts had largely credited this stimulus with righting China's economy. (And as a potential savior for Europe's wilting growth.)

What it means: The statement from the politburo came days after China reported better-than-expected 6.4% annual growth in Q1, defying expectations of a slowing economy.

  • The meeting statement removed the so-called six stabilizations from policy objectives: employment, finance, trade, foreign investment, investment and expectations.
  • Analysts at Goldman Sachs said in a research note that the politburo's findings signaled a "less dovish policy stance."

Yes, but: Morgan Stanley analysts point out that while acknowledging growth improvement in Q1, "policymakers remain cautious in light of still rising external pressures and downward pressures on growth."

The bottom line:

  • "The stimulus will be weak and the reform will be strong," Liang Zhonghua, chief macro analyst at the Research Institute of Zhongtai Securities, told the South China Morning Post. Liang said senior leaders sent a signal that economic growth was no longer policymakers' top goal.

Go deeper

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.

11 mins ago - Politics & Policy

Scoop: Trump talked out of early Ohio endorsement

Jane Timken at a 2017 Trump rally. Photo: Kyle Mazza/NurPhoto via Getty Images

Donald Trump had to be talked out of making an early endorsement in Ohio's 2022 U.S. Senate race, a sign of his eagerness to reengage politically, people familiar with the conversations tell Axios.

What we're hearing: The former president discussed endorsing former state GOP chair Jane Timken last week during a meeting at Mar-a-Lago with RNC Chairwoman Ronna McDaniel, but top advisers — including Donald Trump Jr. — urged him to wait.

Scoop: Parscale launches super PAC

Brad Parscale. Photo: Tom Brenner/Getty Images

Former Trump campaign manager Brad Parscale has founded a new super PAC and sister advocacy group, public records show.

Why it matters: The groups will allow Parscale himself to back candidates aligned with Donald Trump ahead of the 2022 midterms. They could also be used to deploy his new political data firm and harvest vital voter information for other clients.