In a push to dominate global financial technology, the Chinese government is aiming to roll out the world's first state-backed digital currency.

Why it matters: China's new currency could set global standards for the use of national digital currencies — and give Beijing unprecedented visibility and control over domestic financial transactions.

China's Vice Minister of Foreign Affairs Le Yucheng told AP on Friday that China is unlikely to pursue climate proposals beyond its current arsenal, calling it "not very realistic" for a country of 1.4 billion people.

Why it matters: Despite heightened geopolitical tensions, the Biden administration has emphasized the need to partner with China on climate change. Le's comments come as Biden's climate envoy John Kerry is discussing the issue in meetings with Chinese officials in Shanghai.

A Hong Kong court sentenced a group of the city's most prominent pro-democracy activists to up to 18 months in prison Friday for organizing a massive unauthorized protest in August 2019 that drew an estimated 1.7 million people, AP reports.

Why it matters: Critics say the sentences send the message that even peaceful pro-democracy activism will be severely punished. They mark a continuation of Beijing's overhaul of Hong Kong's political structure, designed to crack down opposition to the Chinese Communist Party.

The world crossed a coronavirus vaccine milestone this week: over 1 billion doses have now been produced.

The big picture: Production continues to ramp up quickly. While it took several months to reach one billion doses, we should hit two billion by the end of May, according to data from Airfinity, a science information and analytics company.

Yes, special climate envoy John Kerry's really in China and no, don't look for a huge breakthrough between the world's two largest carbon-emitting nations.

Driving the news: The State Department yesterday announced Kerry's visit this week, confirming plans that began emerging Saturday.

A delegation comprised of former Sen. Chris Dodd and former Deputy Secretaries of State Richard Armitage and James Steinberg left for Taiwan on Tuesday at President Biden's request as tensions rise between the self-ruled island nation and China, according to Reuters.

Why it matters: A White House official told Reuters that the "unofficial" delegation is intended as a “personal signal” of Biden's commitment to Taiwan.

Last year, an international cotton watchdog organization announced it was ceasing all operations in Xinjiang amid reports of widespread forced labor. That statement has now disappeared from the organization's website as backlash grows in China against international attempts to boycott Xinjiang cotton.

The big picture: The Chinese government is pressuring foreign companies and organizations to stay silent on repression in Xinjiang, or in some cases, to even actively promote Xinjiang-made products.

The U.S. and Japan should coordinate even more closely to check China’s military rise, Gen Nakatani, a prominent member of Japan’s House of Representatives and a former defense minister, told Axios in an interview.

Why it matters: Later this week, Japanese Prime Minister Yoshihide Suga will become the first foreign leader to visit President Biden at the White House, demonstrating the importance that the Biden administration is placing on the U.S.-Japan relationship.

Secretary of State Anthony Blinken criticized the Chinese government for its lack of transparency in the early stages of the COVID-19 pandemic on Sunday's "Meet the Press," and called for a more thorough investigation into the of the origins of COVID-19.

Why it matters: Investigating the origins of the virus has been hallmarked by geopolitical tensions, and U.S. officials have expressed skepticism about a report assembled by the World Health Organization and China.

John Kerry, President Biden's special climate envoy, is expected to travel to China next week for meetings with officials aimed at boosting collaboration, the Washington Post reported Saturday.

Why it matters: China is the world's largest carbon dioxide emitter and the U.S. is second-largest.