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JPMorgan Chase & Co CEO Jamie Dimon is expected to join a flurry of top financial executives to visit mainland China this year as Beijing lifts its "Zero-Covid" policy and reopens the country to foreigners. Dimon is set to travel to Shanghai at the end of the month as JPMorgan hosts 3 financial conferences. It will be Dimon's first trip to China in 4 years and comes amid rising tensions between Beijing and Taipei.
Over a 3 day period, JPMorgan will host the Morgan Tech Exchange conference, the China New Economy Forum, and the Global China Summit in Shanghai, according to several sources familiar with the matter. Dimon will also visit Hong Kong in early June after the Shanghai trip concludes. The CEO is also set to attend all 3 conferences and both internal and external meetings while overseas.
JPMorgan hosting 3 financial and economic conferences in Shanghai is a good indication that while Washington continues to further separate itself from Beijing, Western bankers and investors still have a willingness to invest in China.
JPMorgan has a solid business presence in China as its wholly-owned securities venture executes securities underwriting and advisory services. The bank acquired 100 percent ownership of its funds management joint venture in January of this year, with the approval process for the business taking more than 2 years to complete, according to CNBC.
Dimon has drawn criticism for joking in 2021 that JPMorgan would outlast China's Communist Party. In response to the criticism, he said, "I regret and should not have made that comment."
"I was trying to emphasize the strength and longevity of our company," his statement concluded.
Dimon is the latest in a group of elite bankers to visit China this year. In March, HSBC CEO Noel Quinn, Goldman Sachs CEO David Solomon, and Standard Chartered leader Bill Winters all met with Chinese regulators and officials.
While the U.S. government continues to decouple itself from China as concerns continue to rise over mounting tensions between China and Taiwan, U.S. bankers have made it clear that they intend to continue their expansion in the world's second-largest economy and to shore up ties with China as President Xi Jinping begins a new term in office.
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