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Lanon Wee

JPMorgan Chase Could Leave China Per Jamie Dimon's Directive

On Wednesday, JPMorgan Chase CEO Jamie Dimon stated that if the U.S. government required them to, his bank would depart from China, which is the world's second biggest economy. Dimon remarked at the DealBook Summit, "If the American government makes me leave China, I'm leaving China." Recent intensifying geopolitical frictions have provoked fear that China may carry out a takeover of Taiwan. On Wednesday, JPMorgan Chase CEO Jamie Dimon declared that if the United States government demanded it, his bank would pull out of China. At the DealBook Summit, during a panel about possible future tensions involving Taiwan, Dimon said, "If the American government makes me leave China, I'm leaving China. If there's a war in Taiwan, you would take all bets off."As stated on its website, JPMorgan has been operating in China for a century, engaging in investment and corporate banking, payments, and asset management. Alarming geopolitical happenings, such as the warfare in Ukraine and Israel, have caused fears that China could move to annex Taiwan. When asked about it, Dimon remarked, "No one thinks it's going to happen; it may happen. That would be really bad for the world and really bad for China." JPMorgan Chase CEO Jamie Dimon described the relationships with China, which is the second-largest economy in the world, as "a very complicated subject," and commented that fostering both Chinese and American government ties is beneficial. He noted, "I think it's good for an American bank to be there to help multinationals around the world and China with their own development if it makes sense. If the US government says 'that is not feasible,' then so be it." Furthermore, he referred to the fact that China has generated anger among those around it, and has "terrible demographics." JPMorgan Chase works with Chinese clients which include Shein, a fast-fashion retailer and ByteDance, the parent company of the well-known app, TikTok. In reference to safety issues involving TikTok, Dimon said, "You can visualize the due diligence and work we do to discover the realities about those matters." He added, "If some of those people are doing things that we think are truly wrong, we would not lend to them."

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