According to foreign media reports, JPMorgan Chase CEO David Dimon said that the U.S.-China rivalry that defines the 21st century has reached a “turning point” and that unless the United States is brave enough to face its failures and begin to think deeply about its long-term strategy, it is inevitable that global hegemony will be ceded to China.
He argued that in the face of the Chinese challenge, the U.S. government must implement multi-year budgets and programs that make long-term public policy possible.
He added that China is not infallible and must face major problems over the next 40 years, including environmental issues, inefficient state-owned enterprises, debt, flawed financial markets, an aging population, disparities between rich and poor, political pressure from Western governments, and conflicts with its Asian neighbors. He added that the lack of transparency and the rule of law predicted that it would be difficult to internationalize the yuan.
Damon said, “Basically, we don’t have to fear China’s success, we have to fear our own failure, and that’s the only thing that really limits us, the U.S. just has to roll up its sleeves and push for bold leadership to solve the problems we’ve created for ourselves.”
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