Jamie Dimon: JPMorgan Will Not Pull Back From China

JPMorgan CEO Jamie Dimon reaffirmed the bank’s commitment to China despite rising geopolitical tensions, calling the country a critical long-term investment, Kwan Wei and Kevin Tan reported for Business Insider.

JPMorgan CEO Dimon praised China’s comprehensive economic strategy. I Photo: JPMorgan

“I’m a full-throated, red-blooded American patriot capitalist,” Dimon said in an interview with Bloomberg in Shanghai, “but they [China] have done an enormous job over the last 20 years lifting up their people.”

In his recent annual letter to shareholders, Dimon praised China’s comprehensive economic strategy, saying its coordinated approach to government and business had helped it grow into one of the world’s largest economies.

“Depending on how you measure it,” Dimon noted, “China is now the largest or second-largest economy in the world.”

When asked whether China remains a priority market for JPMorgan, Dimon was clear: “We are not going to pull back. Yes, there are issues causing consternation, but we have to deal with the world as it is—not as we wish it to be—and we’ll continue to grow.”