JPMorgan’s CEO Jamie Dimon says he recognizes China’s accomplishments in uplifting its people, even though he considers himself an “American patriot capitalist.”
“They have done an enormous job over the last 20 years lifting up their people,” Dimon told Bloomberg in an interview in Shanghai on Thursday local time.
“That doesn’t mean I personally agree with everything they did. I’m a full-throated, red-blooded American patriot capitalist. But I understand that they can lift up their country,” Dimon continued.
This isn’t the first time Dimon has acknowledged China’s economic accomplishments.
“Over the last 20 years, China has been executing a more comprehensive economic strategy than we have,” Dimon wrote in his annual letter to shareholders last month. “The country’s leaders have successfully grown their nation and, depending on how you measure it, have made China the largest or second-largest economy in the world.”
“What China does so well is manage its country as a whole — coordinating government and business so that they are able to further some of their strategic goals,” Dimon wrote in his letter.
When asked if China remains a “priority market” for JPMorgan, given the geopolitical uncertainty, Dimon said to Bloomberg that the bank is a “long-term investor.”
“Yes, there’s all these other issues causing consternation, but we have to deal with the world that we have, not the world we want, and we’ll continue to grow,” Dimon said on Thursday.
“We are not going to pull back,” he added.
Last week, Treasury Secretary Scott Bessent said the US and China have agreed to lower their tariffs by 115% for 90 days. Bessent said the US would reduce its tariffs on Chinese goods from 145% to 30%. China said it would lower its tariffs from 125% to 10%.
“The consensus is that companies are going to be doing business here. There could be some adjustments because of the trade negotiations, but I don’t think the American government wants to leave China,” Dimon told Bloomberg on Thursday.
A representative for Dimon did not respond to a request for comment from Business Insider.
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