JPMorgan CEO Dimon Stresses Ties with China Following Tesla’s Musk

BEIJING, May 31 (TiPost)— Head of JPMorgan Chase & Co, the biggest bank in the United States by assets, followed suit after Tesla CEO Elon Musk stressed importance of maintaining ties with China.

Source: Visual China

JPMorgan CEO Jamie Dimon called on engagement on security and trade issues for policymakers of the U.S. and China at the bank’s annual Global China Summit in Shanghai on Wednesday. “You’re not going to fix these things if you are just sitting across the Pacific yelling at each other, so I’m hoping we have real engagement,” lead of the Wall Street giant said at the three-day summit, during his first visit to China since 2021 as well as the outbreak of the Covid-19 pandemic.

As the top executive at JPMorgan since 2005, Dimon advocated for derisking instead of decoupling from China. “Let’s not try to decouple. Let’s not try to hurt China, the Chinese people,” the Wall Street tycoon said, adding that he liked to talk about issue of the China-U.S. relationship with the word derisking, just like U.S. President Biden and Janet Yellen, U.S. Secretary of Treasury, did. He asserts disputes between the two leading economies over security and free and fair trade all “resolvable”.

Dimon showed intention to increase his bank’s presence in China. He said JPMorgan will be in China in both good and bad times despite of rising China and U.S. tensions, in an interview with Bloomberg at the summit on Wednesday. The CEO didn’t see a decoupling while acknowledged the situation is far more complex now. He cautioned the uncertainty, if caused by Beijing, would not just change the foreign direct investment, but hurt confidence of investors at home and abroad.

Dimon’s travel coincided with Musk, who just met with Chinese State Councilor and Foreign Minister Qin Gang on Tuesday. The United States and China share intertwined and inseparable interests, and Tesla opposes decoupling, Musk made it clear that day.  The executive said Tesla is willing to continue to expand its business in China, and share the country’s development opportunities.

China’s new energy vehicle (NEV) sector, including the battery electric vehicle (BEV) and the plug-in hybrid electric vehicle (PHEV), boasts broad prospects as the ongoing Chinese modernization will create unprecedented growth potential and market demand, Qin told Musk. China will continue to advance opening-up at a high level and create a better market-oriented, law-based, and international business environment for Tesla and other foreign companies, said Qin.

Musk was also said to meet with his battery partner Zeng Yuqun, the chairman of Contemporary Amperex Technology Co. (CATL), during his first travel in China in three years. Their discussions may involve topics such as a Megafactory in Shanghai to produce commercial Megapack battery energy storage units, a possible joint venture for battery production in North America and the supply of EV batteries, reported Chinese digital news media outlet The Paper, citing the industry insider.

Another U.S. business titan was reported to visit China recently. Nvidia CEO Jensen Huang planned to travel to mainland China for the first time in years in June after a trade show in Taiwan this week, Bloomberg quoted people familiar with the matter on Wednesday. Huang was said to meet tech executives in China, without details about possible discussions or timetable disclosed.

Nvidia is the semiconductor designer that dominates the market for artificial intelligence (AI) chips, which empower AI systems including the large language model behind ChatGPT. Huang earlier this week warned not underrate China’s ability to catch up in chips as China will cultivate its own chip firms in response with tensions with U.S.

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