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Video of the Day: It Will Be a Long Time Before China Overtakes US, JPMorgan CEO says
China is nowhere near overtaking the US in the global economy, JPMorgan CEO Jamie Dimon says.
"China has had 20 years of 10% growth uninterrupted, never before seen on this planet," Dimon says on Bloomberg. However, China's still got some major issues to work out, such as the need for market reform, more transparency and more bond markets.
Despite these bumps in the road, Dimon predicts China to have growth of 6% to 7%. Out of a $10T economy, that's still $600B. Not too bad, right?
With that number in mind, Dimon thinks this is a great opportunity to "help them get through (those bumps)."
It'll be a "long time before they overtake America in any way, shape or form," he says.
