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!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

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!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

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!

European leaders meet via videoconference with Chinese President Xi Jinping to finalize the investment deal. Photo: Johanna Geron, Pool Photo via AP

The European Union on Wednesday finalized an agreement in principle on a long-delayed investment deal with China, appearing to defy resistance from within the EU and a request for consultations about "common concerns" from the incoming Biden administration.

Why it matters: The deal will open up both markets to investment and commit Beijing to ending certain unfair trading practices, strengthening economic ties between the EU and its second-largest trading partner.

Yes, but: The deal comes at the end of a year in which international scrutiny of the authoritarian Chinese government has grown to new heights over Beijing's handling of the coronavirus outbreak, crackdown on Hong Kong's pro-democracy movement, mass detention of Muslim minorities and other human rights abuses.

  • Members of the European Parliament, which still has to approve the deal, had mounted a last-minute bid to block the deal over China's use of forced labor, especially in the region of Xinjiang, where over 1 million Uighur Muslims and other ethnic minorities have been detained in "re-education camps."
  • Satellite imagery, interviews and government documents reported by BuzzFeed News on Tuesday revealed that China has built over 100 new factories on the same sites as the internment camps.
  • In an unusual intervention, President-elect Joe Biden's national security adviser Jake Sullivan cautioned European capitals against rushing into the deal, tweeting: "The Biden-Harris administration would welcome early consultations with our European partners on our common concerns about China's economic practices."

But despite resistance on either side of the Atlantic, the European Commission pushed forward with the talks and claimed in a breakthrough this week that China had made an "important commitment" to “make continued and sustained efforts” to pursue international forced labor standards, according to the South China Morning Post.

  • The Commission insisted to skeptical EU lawmakers that it "will remain uncompromising as to using all tools possible to eradicate any form of forced labour," and that the investment deal will play an important role in that effort.
  • Beijing, meanwhile, has denied all allegations concerning the use of forced labor, accusing those who have reported on the detention camps of meddling in domestic affairs.

Between the lines: Critics of the deal say that China acceded to European demands after seven years of negotiations in order to drive a wedge between Washington and Brussels, at a time when Biden is expected to continue some of Trump's hardline policies toward Beijing. European officials insist it will not disrupt Western cooperation on China's abuses.

Go deeper: More details on the deal from the Wall Street Journal

Go deeper

China to stop recognizing special U.K. passport for Hong Kong residents

A person holds up a British National (Overseas) passport in Hong Kong. Photo: Anthony Wallace/AFP via Getty Images

China will no longer recognize the British National Overseas passport as a valid travel document or proof of identity, Foreign Ministry spokesperson Zhao Lijian said Friday.

Why it matters: The announcement comes amid heightened tensions with the United Kingdom over its plan to offer potentially millions of Hong Kong residents a path to residency, and eventual citizenship.

Jan 29, 2021 - World

Biden picks Rob Malley as envoy for Iran

Malley (L) during Iran deal negotiations in Vienna, 2015. Photo: Siamek Ebrahimi/Anadolu Agency/Getty Image

Rob Malley will serve as the Biden administration's special envoy for Iran, working out of the State Department, White House press secretary Jen Psaki announced on Friday.

Why it matters: Malley, a former Middle East adviser to Barack Obama, took part in the negotiations over the Iran nuclear deal and is a strong supporter of a U.S. return to the agreement. Reports of his likely selection led to sharp criticism from opponents of the deal like Sen. Tom Cotton (R-Ark.), while former colleagues from the Obama administration rallied to Malley's defense.

Jan 26, 2021 - World

Former Google CEO and others call for U.S.-China tech "bifurcation"

Illustration: Aïda Amer/Axios

A new set of proposals by a group of influential D.C. insiders and tech industry practitioners calling for a degree of "bifurcation" in the U.S. and Chinese tech sectors is circulating in the Biden administration. Axios has obtained a copy.

Why it matters: The idea of "decoupling" certain sectors of the U.S. and Chinese economies felt radical three years ago, when Trump's trade war brought the term into common parlance. But now the strategy has growing bipartisan and even industry support.