Dilip Hiro in The Nation:
Like his immediate predecessor, Joe Biden is committed to a distinctly anti-China global strategy and has sworn that China will not “become the leading country in the world, the wealthiest country in the world, and the most powerful country in the world…on my watch.” In the topsy-turvy universe created by the Covid-19 pandemic, it was, however, Jamie Dimon, the CEO and chairman of JP Morgan Chase, a banking giant with assets of $3.4 trillion, who spoke truth to Biden on the subject.
While predicting an immediate boom in the US economy “that could easily run into 2023,” Dimon had grimmer news on the future as well. “China’s leaders believe that America is in decline,” he wrote in his annual letter to the company’s shareholders. While the United States had faced tough times in the past, he added, today “the Chinese see an America that is losing ground in technology, infrastructure, and education—a nation torn and crippled by politics, as well as racial and income inequality—and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals.” He was forthright enough to say, “Unfortunately, recently, there is a lot of truth to this.”
As for China, Dimon could also have added, its government possesses at least two powerful levers in areas where the United States is likely to prove vulnerable: dominant control of container ports worldwide and the supplies of rare earth metals critical not just to the information-technology sector but also to the production of electric and hybrid cars, jet fighters, and missile guidance systems.