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Mark Schiefelbein / AP

Billionaire Chinese lawmakers continue to get richer under President Xi Jinping. China's Parliament — the largest governing body in the world with around 3,000 delegates — and its advisory body together are worth $500 billion, according to the NYT. The 100 richest businessmen of the group also saw their net worth rise 64% since Xi took office in 2013.

Why it matters: It shows that "political power and money have remained tightly intertwined in China: this is a structural issue that Xi cannot solve," as Jean-Pierre Cabestan, a professor of Chinese politics at Hong Kong Baptist University, told NYT.

Irony: Xi has promised to fight the corruption of wealth and politics, as well as income inequality.

Go deeper

Kendall Baker, author of Sports
2 hours ago - Sports

2021 Tokyo Olympics hang in the balance

Illustration: Aïda Amer/Axios

10 months ago, the Tokyo Olympics were postponed. Now, less than six months ahead of their new start date, the dreaded word is being murmured: "canceled."

Driving the news: The Japanese government has privately concluded that the Games will have to be called off, The Times reports (subscription), citing an unnamed senior government source.

Biden's centrist words, liberal actions

Illustration: Sarah Grillo/Axios

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

3 hours ago - Technology

Review of Trump ban marks major turning point for Facebook

Photo Illustration: Aïda Amer/Axios. Photo: Saul Loeb/AFP via Getty Images

Facebook's decision to ask its new independent Oversight Board to review the company's indefinite suspension of former President Trump is likely to set a critical precedent for how the social media giant handles political speech from world leaders.

What they're saying: "I very much hope and can expect … that they will uphold our decision," Facebook's VP of global affairs Nick Clegg tells Axios.