European economy to drag for decade as China meets goals: JPMorgan boss Jamie Dimon

Europe's economy faces a decade of drag as lawmakers grapple to roll out reforms, while China will keep meeting its short-term growth targets, according to JPMorgan boss Jamie Dimon

Speaking at an event in Washington, Dimon said Europe's situation contrasts with that of the US, which he labelled a "bright spot," and with China, where he said the nation's communist regime will take steps to maintain growth.

While the banker praised the US as the best place to invest, he said its competitiveness was being threatened by deteriorating infrastructure. American lawmakers also need to revamp the corporate tax system and immigration policy, he added.

Cancer Fight

Dimon, who was diagnosed with throat cancer earlier in the year, said his energy had rebounded following a round of treatment and that he was running nearly 2.5 miles, Bloomberg reported.

"Europe is going to be tough," Dimon said as he forecast years of "sub-optimal growth" for the region.

"They have all the same structural issues that you read about of other countries, but it's 17 nations -- and some of those structural issues have to be agreed upon in 17 parliaments and then by Brussels."

"The Chinese authorities are very smart. Right now they can macro-manage and they can meet their short-term growth objectives, which is good for everybody else."

Last month, US Treasury Secretary Jacob J Lew called on Europe to do more to avoid a lost decade of growth. In particular, Lew asked regional powerhouse Germany and the Netherlands to employ fiscal measures to boost demand.

The Chinese economy is forecast by some analysts to be headed towards its worst slowdown in 24 years this year, with annual growth expected to hover at 7.4%. Beijing has discussed lowering the 2015 growth target from this year's 7.5% goal, Bloomberg reported last month.

Chinese Premier Li Keqiang has said a growth rate of about 7% will still make the world's second largest economy a top performer.