The Big Ideas

JPMorgan Chase: Annual Report 2020 | Chairman & CEO Letter to Shareholders

Jamie Diamon | JPMorgan Chase

JPMorgan Chase: Annual Report 2020 | Chairman & CEO Letter to Shareholders

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China in Jamie Dimon's Letter to Shareholders
China in Jamie Dimon's Letter to Shareholders
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Jamie Diamon | JPMorgan Chase

April 11, 2021
BIG IDEA | ‘China does not have a straight road to becoming the dominant economic power’.
While Mr. Dimon’s analysis of China is very good, the great strength of his letter is his analysis of the problems facing America and proposals of solving them. The entire letter is well worth reading

‘China’s leaders believe that America is in decline.’

  • ‘Unfortunately, recently, there is a lot of truth to this.’

‘Over the last 40 years, China has done a highly effective job of maneuvering itself to this point of economic development.’

  • ‘Government officials can pull, in a coordinated way, fiscal, monetary and industrial policy levers to maintain the growth and employment metrics they want, and they have the control and wherewithal to do it.’

‘But their most important economic advantage is their huge home market, which they can use to develop their economy and their companies.’

  • ‘They have, as a result, been able to use this home market to subsidize some very competitive industries.’

‘But in the next 40 years, the country will have to confront some serious issues:’

  • ‘The Chinese lack enough food, water and energy to support their population; pollution is rampant; corruption continues to be a problem; state-owned enterprises are often inefficient; corporate and government debt levels are growing rapidly; financial markets lack depth, transparency and adequate rule of law; income inequality is higher than in the rest of the world; and their working age population has been declining since 2012.’

‘China does not have a straight road to becoming the dominant economic power.’

  • ‘To put this in perspective, America’s GDP per person in 2019 was $65,000 and China’s was $10,000.’
  • ‘Even if we do a rather poor job at managing our economy (growing at 2%), our GDP per person in 20 years would be $85,000.’
  • ‘And if the Chinese do a good job managing their economy, their GDP per person in 2040 would still be under $35,000.’ [But multiplied by several times the U.S. population.]

CHINADebate

CHINADebate

The Big Ideas

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'Are you tired of losing yet, America?'

As I write this, Taliban forces have entered Kabul and are reportedly occupying the Presidential Palace.
Malcolm Riddell
Founder of CHINADebate
8/15/2021

Bloomberg

CHINADebate

The Big Ideas

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'China Signals More Regulation for Businesses in Coming Years'

‘The State Council’s statement provides a guiding context to interpret current regulatory thrusts. The blueprint as an attempt by Chinese authorities to help investors understand the motives behind the regulatory push.’
8/15/2021

The Wall Street Journal

CHINADebate

The Big Ideas

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George Soros

'Xi’s Dictatorship Threatens the Chinese State'

‘Mr. Xi is determined to bring the creators of wealth under the control of the one-party state.’
George Soros
8/15/2021

Credit Suisse

CHINADebate

The Big Ideas

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8/15/2021

CHINADebate

CHINADebate

The Big Ideas

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Don't Say Xi Jinping Didn't Warn You

‘Global investors are shocked to have discovered that China is run by Communists.’
Malcolm Riddell
Founder of CHINADebate
8/5/2021

Bloomberg

CHINADebate

The Big Ideas

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Matthew Brooker | Bloomberg

‘Global investors shocked to have discovered that China is run by Communists.’

‘Global investors are shocked to have discovered that China is run by Communists.’
Matthew Brooker | Bloomberg
8/5/2021

Bloomberg

CHINADebate

The Big Ideas

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'Shocked Investors Scour Xi’s Old Speeches to Find Next Target'

‘While China’s policy moves can feel ad hoc particularly to foreign investors, the changes are quite targeted on certain sectors.’
8/5/2021

The Wall Street Journal

CHINADebate

The Big Ideas

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Greg Ip | The Wall Street Journal

'China Wants Manufacturing—Not the Internet—to Lead the Economy'

‘Social media, e-commerce and other consumer internet companies are nice to have. But in his view national greatness doesn’t depend on having the world’s finest group chats or ride-sharing.’
Greg Ip | The Wall Street Journal
8/5/2021