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JPMorgan Chase CEO joked that banks will live longer than the Chinese Communist Party

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Jamie Dimon joked in the comments, reiterating his bank’s commitment to doing business in China.

JPMorgan Chase CEO Jamie Dimon joked that his bank will live longer than the Chinese Communist Party.

While reiterating his bank’s commitment to doing business in China, Dimon said on Tuesday: “I made a joke a few days ago that the Communist Party is celebrating its 100th anniversary — the same is true of JPMorgan Chase. I bet we can hold on longer. “

Dimon added: “I can’t say that in China. They might be listening anyway.” He spoke in a series of CEO interviews at Boston College.

JPMorgan Chase started doing business in China in 1921, and the Communist Party was established in China in the same year.

It has branches in many cities in China, including Beijing, Shanghai, Shenzhen and Guangzhou.

At the end of 2019, the bank was approved to establish a majority-owned securities joint venture to provide brokerage, investment consulting and underwriting services.

In August, the bank obtained approval from Beijing’s regulatory authorities to become the country’s first fully foreign owner of a securities brokerage company. Its other businesses in China include asset management and futures business.

JPMorganJPMorgan Chase has been doing business in China since 1921 [File: Stan Honda/AFP]

Global executives usually choose their language carefully when discussing China, and foreign companies occasionally face strong opposition for what is considered offensive.

In 2019, a senior UBS economist’s comments on China’s pig farming were regarded by some as racist and slander, which caused strong protests and prompted a Chinese company to suspend all business relations with UBS.

In Boston, Dimon also said that he expects inflation caused by supply chain problems to be fleeting, but rising oil prices and wages will not disappear. He predicts that as the prices of items such as used cars and timber stop rising, the recent 5% inflation rate in the United States will drop by one or two percentage points.

“There are other things that may not be so short-lived,” Dimon said. “I don’t think oil prices will fall.”

Dimon estimates that there is about a one-third chance that inflation will be mild enough to cause a moderate rise in market interest rates without pushing the economy into recession.

He said that the possibility of a rebound in inflation and pushing the Fed to withdraw support for the economy is the same, which could lead to a mild recession.

Dimon described the U.S. economy as “booming.”

“Consumers and businesses are financially sound, and more monetary and fiscal stimulus measures are coming soon,” he said.

When asked about cryptocurrencies, Dimon repeatedly warned buyers.

“It’s not real currency,” Dimon said, calling them “crypto tokens,” which have no intrinsic value and rise in price during speculation driven by government stimulus payments.

“This is hysterical,” he said.



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