Dimon calls for Washington-Beijing engagement in first China visit since 2021 controversy

JPMorgan Chase and Firm President and CEO Jamie Dimon testifies earlier than a Senate Banking, Housing, and City Affairs listening to on “Annual Oversight of the Nation’s Largest Banks”, on Capitol Hill in Washington, U.S., September 22, 2022. 

Evelyn Hockstein | Reuters

JPMorgan Chase & Co CEO Jamie Dimon on Wednesday referred to as for “actual engagement” between policymakers in Washington and Beijing, as Sino-U.S. relations proceed to fray.

Talking on the JPMorgan International China Summit in Shanghai — in his first go to to China since his 2021 apology for joking that JPMorgan would outlast the Chinese language Communist Occasion — Dimon mentioned that safety and commerce disputes between the world’s two largest economies over are “resolvable.”

“You are not going to repair this stuff in case you are simply sitting throughout the Pacific yelling at one another, so I am hoping we’ve got actual engagement,” Dimon mentioned, based on Reuters.

He advocated for a “de-risking” of the financial ties between the East and West reasonably than for a full-scale decoupling, because the Wall Road large seeks to spice up its presence in China.

In November 2021, Dimon expressed “remorse” over remarks that JPMorgan would outlast China’s ruling celebration, looking for to restrict injury to the financial institution’s development ambitions within the nation. The feedback that invoked Beijing’s ire got here shortly after JPMorgan received regulatory approval to turn into the primary overseas firm to ascertain full possession of a securities brokerage in China.

Prime U.S. and Chinese language commerce officers met final week for “candid and substantive discussions” surrounding bilateral commerce and industrial relations, within the first cabinet-level change between Washington and Beijing in months.

Nationwide safety issues additionally underpin a souring of relations between the 2 superpowers. The U.S. on Tuesday accused a Chinese language fighter jet of partaking in an “unnecessarily aggressive maneuver” whereas intercepting a U.S. navy reconnaissance plane in worldwide airspace over the South China Sea.

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