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JP Morgan CEO Jamie Dimon has vowed to “deepen” the bank’s involvement with China, according to state media accounts of a meeting between bankers, including top trade negotiators in Beijing, with senior Chinese officials.
The meeting comes weeks after Beijing and Washington agreed to cut their respective tariffs by 115 percentage points for 90 days. Dimon’s comments can be seen as further signs of a reconciliation in tensions between the US and China.
In a meeting with trade negotiators and vice president, Dimon said US banks will “deepen engagement” with China’s capital markets while also supporting multinationals of mainland and Chinese companies in overseas development.
According to Xinhua Studies’ reading, China said US companies would “hope US companies would continue to contribute to sound, stable and sustainable development of China-US economic and trade relations.
On Friday, Dimon, whose bank is holding its annual meeting in Shanghai this week, met Len Hong Bin, chairman of China’s Council for Promotion of International Trade.
The two sides said, “We exchanged opinions on promoting exchanges between the Chinese and the US business community and deepening cooperation in the field of financial investment.
Beijing is trying to bring top American business leaders to justice throughout the period of worsening political ties with Washington. Apple CEO Tim Cook and investor Raydario attended a meeting in China’s capital in March. Both met his Lifeng.
US companies had to take caution in China as tariffs increased and tensions worsened during President Donald Trump’s second term.
PVH, owners of Calvin Klein and Tommy Hilfiger, was added to the mainland’s special entities list earlier this year. This was the first addition to a company with major ground operations, and Walmart was summoned by authorities over reports that it was putting pressure on its suppliers to lower prices.
US financial companies are struggling on the mainland despite the 2020 trade agreement.
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Similar to China’s securities business, in 2020 JPMorgan became the first foreign company to own its own futures business on the mainland, and in 2023 it acquired full ownership of its asset management joint venture.
In a closed-door speech at the same conference held in Shanghai last year, Dimon said that some of his bank’s operations “falling off a cliff” in China. New listings have declined dramatically under a new regulatory approach, but cross-border mergers and acquisitions have also dried up.
One person attending the conference this year said Dimon’s tone on China was “bullying” and there were references to the country’s technological development.
JPMorgan declined to comment.
