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Noah Berger / AP

Facebook has signed off on a new photo-sharing app in China through a local company, the New York Times reports — absent any public ties to the tech giant. The Times published screen shots of the app, called Colorful Balloons, that looks similar to Facebook's Moments app.

Why it matters: Tech companies want in on the Chinese market, but that comes with rules — including an infamous censorship regime. Facebook has been trying to penetrate the country, with Zuckerberg learning Mandarin and making entreaties to officials. But its relationship with China remains complicated: China announced that Facebook-owned WhatsApp would be blocked in the country a few weeks ago. Facebook was banned in China in 2009.

Our thought bubble: The big question for companies here is whether they're willing to adhere to local regulations around the world even when they conflict with American norms.

What Facebook says: "We have long said that we are interested in China, and are spending time understanding and learning more about the country in different ways," said a Facebook spokesperson. "Our focus right now is on helping Chinese businesses and developers expand to new markets outside China by using our ad platform."

Go deeper

Dion Rabouin, author of Markets
14 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
46 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.

2 hours ago - Politics & Policy

Read: Pete Buttigieg's opening statement ahead of confirmation hearing

Pete Buttigieg, President Biden's nominee to be secretary of transportation, in December. Photo: Kevin Lamarque/AFP via Getty Images

Pete Buttigieg, President Biden's nominee to lead the Transportation Department, will tell senators he plans to prioritize the health and safety of public transportation systems during the pandemic — and look to infrastructure projects to rebuild the economy — according to a copy of his prepared remarks obtained by Axios.

Driving the news: Buttigieg will testify at 10 a.m. ET before the Senate Committee on Commerce, Science and Transportation. He is expected to face a relatively smooth confirmation process, though GOP lawmakers may press him on "green" elements of Biden's transportation proposals.