NEW YORK – Jamie Dimon, CEO of JPMorgan Chase & Co, the world’s largest investment bank by market capitalisation at USD 736 billion, made a striking statement about China’s economic success.

In an interview with Bloomberg in Shanghai on Thursday (22/5), Dimon stated that although he is “a full-throated, red-blooded American patriot capitalist,” he could not deny China’s extraordinary achievements in improving the living standards of its people over the past two decades.

“They have done an extraordinary job at lifting up their people’s lives,” Dimon said, as quoted by Business Insider on Friday (23/5). Source photo: jpmorganchase.com

He clarified that his statement did not imply agreement with all actions of the Chinese government, but he respected the effectiveness of China’s strategy.

In his annual letter to JPMorgan shareholders last month, Dimon also wrote that China had adopted a more comprehensive economic strategy than the United States.

He highlighted the success of China’s leaders in aligning coordination between government and business sectors to achieve the country’s strategic goals.

Addressing geopolitical tensions and trade issues, Dimon affirmed that China remains a priority market for JPMorgan.

“We are long-term investors. We’re not pulling back,” he stated.

He added that businesses must adapt to today’s global realities, not the world they wish it to be.

Dimon’s remarks come amid a tariff easing deal between the US and China.

US Treasury Secretary Scott Bessent announced last week that both countries had agreed to reduce tariffs by 115% for a period of 90 days. The US will lower tariffs on Chinese goods from 145% to 30%, while China will reduce its tariffs from 125% to 10%.

Despite the trade negotiation-driven adjustments, Dimon said, “I don’t think the American government wants to abandon China.”

He emphasised that US companies will continue doing business there. (EF/ZH)