Global Courant 2023-05-31 14:50:00
HONG KONG — JPMorgan Chase & Co CEO Jamie Dimon said Wednesday that the United States and China need “real engagement” to resolve their vexing security and trade issues.
“You’re not going to solve these things if you’re just sitting across the Pacific yelling at each other. So I hope we have real engagement,” Mr. Dimon said, answering a question about Sino-US decoupling at the three-day JPMorgan Global China Summit in Shanghai.
Mr Dimon is on his first visit to China since the start of the Covid-19 pandemic, and his first since he joked in 2021 that JPMorgan will outlive the Chinese Communist Party, sparking outrage in China and prompting him to express regret to testify.
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The chief executive of the largest US bank said the disputes between the countries over security and free and fair trade issues are all “solvable”, preferring East-West “risk reduction” rather than decoupling.
“I liked Janet Yellen, Treasury Secretary, President Biden, National Security Adviser and Secretary of State, talking about risk reduction,” said Mr. Dimon.
“Let’s not try to disconnect. Let’s not try to hurt China, the Chinese people.”
JPMorgan has strengthened its presence in China in recent years with newly acquired licenses or increased holdings in securities, funds and futures.
Shanghai’s Communist Party chief shook hands with Mr Dimon on Tuesday and told him the city hopes JPMorgan will continue to promote investment in the financial center by international financial institutions.
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But the expansion in China was not all smooth sailing and took longer than the US bank expected.
“It will be a longer journey than we would like to gradually build scale and reputation to do business,” Chinese CEO Mr. Mark Leung said in a Bloomberg interview on Wednesday. REUTERS