Jamie Dimon praises China for being 'more consistent'
JPMorgan CEO Jamie Dimon stated that China has recently become “more consistent” in its relations with other countries.
Answering a question about whether China has emerged as a safe haven in the midst of turmoil in other parts of the world, Dimon said:
“China is more consistent with other countries; this has become a little more pronounced recently.”
Dimon made statements to Bloomberg at the edge of the JPMorgan finance conference held in Shanghai today (May 21).
In the interview, Dimon tried to defend the United States despite the internal and external turmoil caused by the Trump administration, saying, "America is still a safe haven, we only recently surprised people."
Also, referring to rising U.S. budget deficits and rapidly rising artificial intelligence spending, he said bond yields “may be much higher than they are today,” and “we may have gone from the savings surplus into a state of insufficient savings.”
Last year, the CEO of JPMorgan launched a $1.5 trillion “safety and endurance initiative” aimed at supporting sectors that are vital to the U.S.' national security for the next decade.
In April, the bank also announced that it would expand its commitment to companies in the UK and Europe.
As China moves upwards in the value chain in areas such as renewable technology and industrial hardware, global investors have begun to reconsider their view of China.
Praising the country's innovation, Dimon said investors have long been interested in “cars, batteries, solar systems and machine tools.”
Western financial institutions have been struggling to take part in China in recent years due to the deterioration of geopolitical relations between Beijing and Washington and the slowdown of the mainland economy.
Dimon said at the Shanghai conference in 2024 that some of his business in China has "fallen off the cliff".
On Thursday, the JPMorgan CEO also defended his former colleague Bill Winters, who is now the CEO of Standard Chartered.
Winters had to appease his colleagues after announcing that thousands would be laid off on Wednesday and used the phrase “low-value human capital” when referring to staff.
“This was a clumsily chosen way to express something,” Dimon said, warning that job losses from AI “will be more than you think.”
“But this will also create some jobs... I think society needs to think about what we will do if this process happens too quickly,” Dimon said.
When asked about the impact of artificial intelligence on its own bank, Dimon replied:
“Yes, it will reduce some work. We know that. I can't tell you exactly what will happen, because it's still in the early stages.”
The president of JPMorgan was also harsh on New York City Mayor Zohran Mamdani.
Dimon said, "They think that being against the business world in some way will help the city. Not like that. Many people who paid billions of dollars in taxes left... how will that help low-income people in New York?” He asked.