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Data: Standardized World Income Inequality Database, Version 5.1; Chart: Andrew Witherspoon / Axios

The above chart, drawn from the OECD's recently released annual review of the Chinese economy, shows the difference in income inequality after redistribution. There is almost no net income or wealth redistribution in China, despite its professed egalitarian ethos, and that's a big problem for the global economy.

Why it matters: China's economic growth has been reliant, to an historically unprecedented degree, on investment in infrastructure, plants and equipment. But China has more such capital than it needs, and now investment is being funnelled to projects that will never justify their costs. This will inevitably slow the Chinese and global economies as inefficient investments weigh on growth.

China's next move: Economists say that China should shift its tax burden from sales taxes to those on high earners, while boosting social security spending and investments in education. These changes, however, are being resisted by powerful forces in Chinese society that benefit from the imbalanced distribution of resources.

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Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

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Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.