Beijing, China: Jamie Dimon, CEO of JPMorgan Chase & Co., has reaffirmed the bank’s commitment to maintaining a long-term investment strategy in China, despite ongoing geopolitical tensions between the United States and China.
Speaking during Bloomberg TV’s coverage of the Global China Summit in Shanghai, Dimon emphasized the firm’s enduring approach: “We’re investing here for the long haul. Despite the various issues that are creating uncertainty, we must operate within the reality that exists, not the one we wish for, and our growth here will continue.”
Dimon also acknowledged China’s advancements in areas such as artificial intelligence and the automotive sector. “Their achievements in AI and car manufacturing are impressive,” he said. “This should motivate us in the U.S. to step up and compete.”
Despite setbacks, including a leadership shake-up and slower-than-expected growth in China and Hong Kong, JPMorgan has continued to build its presence. While Wall Street banks have generally reduced their China exposure, cutting back on lending, trading, and investment activities by about 20%, Dimon has consistently expressed his long-term outlook.
Recently, business activity has shown signs of improvement, with a rise in equity offerings in both Hong Kong and mainland China. Beijing’s leadership has also reiterated its intention to open up financial markets and introduced economic stimulus measures. The stock market has responded positively following a 90-day tariff reprieve between the U.S. and China.
Rita Chan, JPMorgan’s co-senior country officer for China, told Bloomberg she’s observing a broad economic recovery and renewed interest from global investors seeking to diversify amid changing global trade dynamics. Chinese firms are also increasingly expanding abroad.
“The developments over the past year have certainly been promising,” Chan said. “We’re seeing a significant recovery in both liquidity and transaction volumes.”
Chan noted a strong growth trend in Chinese corporate clients expanding internationally. She highlighted that demand for cross-border services is rising, as companies navigate an increasingly complex global market.
JPMorgan has heavily invested in building out its operations in China. Within just three years, the bank became the first on Wall Street to gain full ownership of its futures, securities, and asset management divisions in the country.
The firm remains optimistic about the broader Asia-Pacific region. Sjoerd Leenart, JPMorgan’s regional CEO, told Bloomberg TV in Shanghai that the bank anticipates growth in Asia to surpass the global average, with major opportunities, particularly in Japan.
In India, Leenart said the current government has inspired investor confidence by maintaining a consistent policy direction. However, he noted that India still has significant ground to cover, as its economy remains much smaller than China’s.
In 2024, JPMorgan’s Asia-Pacific division brought in $12 billion in net revenue—a 13% jump from the prior year.
In April last year, Rita Chan and Alan Ho, who also serve as CFO for Asia-Pacific, were appointed to lead JPMorgan’s China operations following the resignation of former China CEO Mark Leung after a 25-year tenure.
Reporting support by Andy Clarke and Adrian Wong.
