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Photo: S3studio/Getty Images

For a decade, China repeatedly blocked Mark Zuckerberg's best efforts to crack its massive market of 770 million internet users. Now, Facebook has found a way in through a subsidiary registered in Hangzhou, according to government records reported by the New York Times.

The big picture: Even if it is allowed to do business in China, the Facebook subsidiary will be just a small step into China.

The details:

  • The company has tried to get into the Chinese market in the past, including with a photo-sharing app called Colorful Balloons, but this marks Facebook's first official presence in China.
  • Facebook said it hopes to use the subsidiary to work with Chinese developers, per the Times. It is financed with a $30 million investment from the social media giant.
  • Yes, but: Facebook will face scores of regulatory hurdles in China. In just the few days since the subsidiary was approved, the corporate registration was removed from the Chinese government website and certain references to the subsidiary were mysteriously censored on social media, the Times reports.

Flashback: In a July 17 interview, Zuckerberg told Recode's Kara Swisher, "I mean, we’re, I think, a long time away from doing anything [in China]." The Hangzhou subsidiary was approved on July 18, per records.

Go deeper

Updated 7 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

8 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.