Biden’s Anti-China Ambitions | The Nation -

Biden’s Anti-China Ambitions | The Nation


EDITOR’S NOTE:&nbspThis article originally appeared at TomDispatch.com. To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.

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. And that’s only a partial list of the areas where China is poised to become dominant in the foreseeable future. Here’s a likely scenario.

The Digital Yuan Versus the (Missing) Digital Dollar

Within the broad headline of the globe’s “second-largest economy,” China has already either surpassed the United States or is running neck-and-neck with it in certain specific sectors.

With a global smartphone market share of 20 percent in the second quarter of 2020, China’s Huawei Technologies topped the charts, marginally exceeding South Korea’s Samsung, and well ahead of Apple, according to the International Data Corporation. This happened despite a concerted drive by President Donald Trump’s administration to damage Huawei that culminated, in May 2020, with Washington barring companies worldwide from using US-made machinery or software to design or produce chips for that company or its entities from that September on. Nonetheless, with a 47 percent share of China’s booming 5G smartphone market, Huawei topped the list there while it kept up its investment in future-oriented, cutting-edge technologies and basic research to the tune of a striking $3 billion to $5 billion annually.





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