JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon said the U.S. and China need “real engagement” to tackle their complex security and trade issues.
“Yelling at each other across the Pacific won’t fix these things.” “So I’m hoping we have real engagement,” Dimon said at the three-day JPMorgan Global China Summit in Shanghai when asked about Sino-U.S. decoupling.
Dimon is on his first visit to China since the COVID-19 outbreak began and since he quipped in 2021 that JPMorgan would outlast China’s Communist Party, triggering fury in China and regret.
The CEO of the largest U.S. bank said security and free and fair trade problems are “resolvable” and that he prefers East-West “derisking” to decoupling.
“I liked the fact that Janet Yellen, Secretary of Treasury, President Biden, the National Security Adviser, and Secretary of State have been talking about derisking,” Dimon remarked.
“Don’t separate. “Don’t hurt China, the Chinese people,” he urged.
JPMorgan has recently expanded into securities, funds, and futures in China.
On Tuesday, Shanghai’s Communist party chairman clasped Dimon’s hand and hoped the bank would continue encouraging international financial institutions to invest in the financial hub.
China’s expansion is taking longer than the U.S. bank expected.
“It will be a longer journey than we would wish to build up scale and reputation to do business gradually,” China CEO Mark Leung told Bloomberg on Wednesday.
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