'There's No Chance China Or Anyone Else Can Keep Up With Us,' Jamie Dimon Tells Detroit Crowd

JPMorgan Chase & Co JPM CEO Jamie Dimon visited Detroit on Wednesday to mark the 10 years since JP Morgan’s $200-million investment in the city.

Dimon spoke at the Detroit Economic Club about the company’s efforts in the city, general economic trends and geopolitical risks, including the ongoing war in Ukraine. He also pointed out that plenty of risks could get in the way of a bull market in the next few years. 

Dimon On China: Dimon addressed being cautious about the outlook of China following his visit to the country in May.

See Also: Dimon Pours Cold Water On US Economic Optimism, Flags Global Tensions, Financial Shifts

He also talked about the necessity of spending on the U.S. military, to ensure that the army remained the best in the world. “I mean, we need to do with our military what we need to do to be safe for the next 50 years,” Dimon said. “And if that costs $500 billion a year, so be it. There’s no chance China, anyone else can keep up with us.” 

Dimon worried government spending, not just in the U.S. but around the world, would lead to sticky inflation, but understood the need to spend on the military. Growing geopolitical tensions surrounding China’s relationship with Taiwan, as well as the ongoing war in Ukraine, create more of a need for a military that is well-trained and well-equipped. 

JPMorgan Chase Detroit Investments: JPMorgan Chase invested $200 million in Detroit in 2013 following the Great Recession. The investment has helped create tens of thousands of jobs as well as helping small businesses access capital and developers create new or maintain existing housing units. 

During his speech, Dimon spoke about the importance of lifting up all American citizens and how catalyzing economic activity in places such as Detroit was one of the best ways to increase America’s standard of living

While Dimon gets a lot of credit for JPMorgan Chase’s efforts in Detroit and other cities, he said JPMorgan Chase Vice Chairman Peter Scher is the one who deserves the praise. Scher helped oversee JPMorgan Chase’s Detroit investment and also does similar work in cities like Washington D.C.

“Detroit’s resurgence is a testament to what can be accomplished when government, business, and community leaders come together to create economic opportunity,” Scher said.

 

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Photo: Dustin Blitchok/Benzinga file photo