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 U.S. 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 U.S. 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.” […]
Its Fintech (Financial Technology) report, published in October 2020, showed that an estimated 87% of Chinese consumers used fintech services. With a vast mobile-payment system that hit $29 trillion (200 trillion yuan) worth of payments in 2019, China is shaping up to become the globe’s first “cashless society” and its largest financial-technology ecosystem by the end of this decade.
Less than 10% of Americans use mobile payments, which means a similar scenario for the United States is nowhere on the horizon. With mobile transactions in China already accounting for at least four out of every five payments and more than half the value of all non-cash retail payments, that country is poised to leave the U.S., a comparative laggard in fintech, shackled to a cash-dominated system. Läs artikel