China's tech rivalry with the U.S. has taken the spotlight lately, but it is also in another major dispute with India — one that has significant implications for the tech landscape in both countries.

Why it matters: China and India are the first and second most populous nations on the planet and constitute two of the most important emerging markets for buying tech products. Both countries also want to become more significant tech producers as well.

Two U.S. aircraft carriers—the USS Ronald Reagan and the USS Nimitz—are heading toward the South China Sea to conduct military exercises just as China is conducting drills in the area as well, The Wall Street Journal reports.

The big picture: China claims sovereignty over most of the sea, which other Southeast Asian countries reject, per the Journal. Tensions between the U.S. and China also remain high over trade, the coronavirus pandemic and China's recent effort to exert more control over Hong Kong.

Dueling statements at the UN Human Rights Council in Geneva shed light on geopolitical currents far beyond the walls of that institution.

Driving the news: China's Foreign Ministry and state media declared victory after 53 countries backed Beijing's new national security law for Hong Kong. Just 27 criticized the law, which imposes harsh penalties for vaguely defined political crimes and is widely viewed as the death knell for Hong Kong's autonomy.

The Senate approved a bill via unanimous consent on Thursday that authorizes sanctions on Chinese officials involved in implementing Hong Kong's draconian new national security law, in addition to banks and firms that do business with them.

Why it matters: The bill, which passed the House unanimously on Wednesday, is part of the United States' bipartisan rebuke of China's passage of the security law, which encroaches on Hong Kong's independent legal system by setting harsh punishments for broadly defined crimes associated with protests.

The romance between private equity and Hong Kong may be over, before it even had a chance to begin.

The state of play: Hong Kong officials in February announced plans to introduce a new carried interest tax scheme that is expected to be one of the world's most generous. This came on top of Hong Kong's existing effort to implement a limited partnership fund regime — all of which could make the city a more viable alternative to the Cayman Islands, particularly for Asia-focused funds.

A new security law in Hong Kong is the latest blow to a globalist vision of the free movement of people, ideas and capital.

Why it matters: The law all but eliminates the civil rights that people in Hong Kong have exercised for years. But it also points the way to a more dangerous and divided world that will be increasingly defined by borders and nationality.

A new International Energy Agency report highlights one big challenge facing China as the world's largest CO2 emitter begins implementing its national emissions trading system: The country's coal fleet is very young.

Why it matters: IEA's analysis this week warns that while newer facilities are far more efficient than older models, the average plant age "potentially locks in large amounts of CO2 emissions" for decades.

U.K. Prime Minister Boris Johnson denounced China's new security law for Hong Kong and said the U.K. would offer residency and a path to citizenship to eligible residents of the semi-autonomous city — potentially numbering in the millions.

What they're saying: Johnson accused China of a "serious breach" of the terms under which the U.K. returned the city in 1997. China pledged to maintain Hong Kong's independent legal system and political freedoms for a period of 50 years.

U.S. Customs and Border Protection officers detained a shipment of almost 13 tons of wigs and other human hair products suspected of being made through forced labor in Xinjiang, China, U.S. government officials tell Axios.

Why it matters: Importing products made with forced labor into the U.S. is illegal. But it's extremely difficult to trace U.S. supply chains back to factories in Xinjiang that use forced labor, making this a rare event.

Hong Kong police announced on Wednesday their first arrest under the new security law as officers used pepper spray to break up a rally by pro-democracy protesters elsewhere in the city, images from the scene show.

Why it matters: The law, passed by Chinese lawmakers Tuesday, is a further encroachment on Hong Kong's independent legal system and the autonomy the territory had retained since the former British colony was returned to China in 1997.