JPMorgan Is Committed to China for Long Term, Dimon Says

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said his firm is committed to long-term investment in China, despite frailties between the governments of the world’s two biggest economies. 

“We’re a long term investor here,” he said in a Bloomberg TV interview at the lender’s Global China Summit in Shanghai. “Yes, there’s all these other issues causing consternation, but we have to deal with the world that we have, not the world we want, and we’ll continue to grow.” 

He also noted the country’s recent progress in some areas of technology. 

“I’ve seen their cars and their AI and they’ve done a pretty good job,” he said. “We should look at America and say, okay, we’re going to have to compete too.”

In recent years, the lender has reshuffled leadership and scaled back in China and Hong Kong, acknowledging that the expansion was taking longer than anticipated, even as Dimon has said he remains committed. Wall Street firms have overall pulled back from China, with their combined exposure, which includes lending, trading and investments, slumping by about fifth. 

Now there are signs of business picking up, with increased share sales in Hong Kong and mainland China. Chinese leaders have also reiterated commitments to their financial opening and unleashed stimulus to get the economy back on track. Markets have recovered after Beijing and Washington agreed on a 90-day truce on some of the highest tariffs.

Rita Chan, co-senior country officer for China, earlier told Bloomberg she is seeing a broad-based recovery in the country and growing interest from foreign investors seeking to diversify, as the global tariff regime drives portfolio shifts and fuels an expansion overseas by Chinese firms. 

“The development in the last 12 months have definitely been encouraging,” Chan said. “We have seen a broad based recovery in liquidity in volumes.”

The bank is seeing “very good momentum” and the trend of Chinese local corporate clients going overseas and internationalizing hasn’t changed, she said. “The cross-border services that are required to navigate this complicated environment is definitely increasing.”

JPMorgan has poured significant resources into building out its China business, and is the only Wall Street bank that attained full control of its futures, securities and asset management businesses in China in a short span of three years. 

The lender is also bullish on other parts of Asia. Speaking to Bloomberg TV in Shanghai, Sjoerd Leenart, the bank’s Asia-Pacific CEO, said it expects growth in the region to be well above the global average, with “enormous opportunities” in Japan. 

In India, “the current leadership is giving investors the confidence that they will continue on the same path,” Leenart said. Still, “there’s a long way to go” as the country’s economy is much smaller than China.

JPMorgan’s Asia-Pacific operations generated $12 billion net revenue last year, a 13% increase from 2023.

JPMorgan appointed Chan and Alan Ho, also Asia-Pacific chief financial officer, in April last year to fill the vacancy left by Mark Leung, who resigned as China CEO after a 25-year stint at the firm. 

With assistance from Andy Clarke and Adrian Wong.

©2025 Bloomberg L.P.

This article was generated from an automated news agency feed without modifications to text.