{"id":159206,"date":"2023-05-31T08:00:00","date_gmt":"2023-05-31T00:00:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=919099"},"modified":"2023-05-31T08:00:00","modified_gmt":"2023-05-31T00:00:00","slug":"u-s-and-china-need-real-engagement-to-resolve-issues-jpmorgan-ceo-says","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2023\/05\/31\/u-s-and-china-need-real-engagement-to-resolve-issues-jpmorgan-ceo-says\/","title":{"rendered":"U.S. and China need \u2018real engagement\u2019 to resolve issues, JPMorgan CEO says"},"content":{"rendered":"
\"MediaIntel.Asia\"<\/a><\/div>\n

Open this photo in gallery: JPMorgan Chase & Co. CEO Jamie Dimon speaks during an interview with Reuters, in Miami, Fla., on Feb. 8.MARCO BELLO\/Reuters
\nJPMorgan Chase & Co JPM-N CEO Jamie Dimon on Wednesday warned \u201cuncertainty\u201d caused by the Chinese government could hurt investor confidence at home and abroad, and said the U.S. and China need \u201creal engagement\u201d on security and trade issues.
\nDimon is on his first visit to China since the beginning of the COVID-19 pandemic and his first since he joked in 2021 that JPMorgan will outlast China\u2019s Communist Party, sparking outrage in China and prompting him to express regret.
\n\u201cIf you have more uncertainty, somewhat caused by the Chinese government \u2026 it\u2019s going to not just change foreign direct investment. It\u2019s going to change the people here, their own confidence to invest,\u201d Dimon said in an interview with Bloomberg TV.
\nThe world\u2019s second-largest economy is emerging from three years of pandemic lockdowns, but the recovery has been uneven. China\u2019s factory activity shrank faster than expected in May on weakening demand, according to data released on Wednesday.
\nA two-year long crackdown on the technology sector has also led to some uncertainty about business prospects in the country. China has since eased the crackdown and stepped up support for private companies.
\nDimon, who has in recent years boosted JPMorgan\u2019s China presence, also said that he favours East-West \u201cderisking\u201d rather than decoupling.
\n\u201cLet\u2019s not try to decouple. Let\u2019s not try to hurt China, the Chinese people,\u201d he said at the three-day JPMorgan Global China Summit in Shanghai.
\n\u201cI liked the fact that Janet Yellen, Secretary of Treasury, President Biden, the National Security Adviser, and Secretary of State have been talking about derisking,\u201d Dimon said.
\nThe CEO of the biggest U.S. bank said the countries\u2019 disputes over security and free and fair trade issues are all \u201cresolvable.\u201d
\n\u201cYou\u2019re not going to fix these things if you are just sitting across the Pacific yelling at each other. So I\u2019m hoping we have real engagement,\u201d Dimon said.
\nThe communist party chief of Shanghai shook hands with Dimon on Tuesday, telling him the city hoped the bank would continue to promote investment in the financial hub by international financial institutions.
\nHowever, expansion in China is not all smooth sailing and is taking longer than the U.S. bank anticipated.
\n\u201cIt will be a longer journey than we would wish to gradually build up scale and reputation to do business,\u201d its China CEO Mark Leung said in a Bloomberg interview on Wednesday.<\/p>\n

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Open this photo in gallery: JPMorgan Chase & Co. CEO Jamie Dimon speaks during an interview with Reuters, in Miami, Fla., on Feb. 8.MARCO BELLO\/Reuters
\nJPMorgan Chase & Co JPM-N CEO Jamie Dimon on Wednesday warned \u201cuncertainty\u201d caused by the…<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[669,144,586,755,671,477,1607,194,401,1542,900],"tags":[10320,3472,10321,10324,10334,7010,10391,10315,2172,10327,10328],"class_list":["post-159206","post","type-post","status-publish","format-standard","hentry","category-bank","category-china","category-economy","category-factory","category-finance","category-investment","category-manufacturing","category-news-chinese-law","category-shanghai","category-technology","category-tv","tag-biden","tag-chinese","tag-communist","tag-covid-19","tag-decoupling","tag-expansion","tag-florida","tag-media-intelligence","tag-national-security","tag-pacific","tag-pandemic"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/159206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=159206"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/159206\/revisions"}],"predecessor-version":[{"id":159207,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/159206\/revisions\/159207"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=159206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=159206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=159206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}