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Jamie Dimon jokes that JPMorgan will outlast the Chinese Communist Party


Speaking at an event in Boston on Tuesday, JP Morgan (JPM) CEO Jamie Dimon said he was “joking” on a recent trip to Hong Kong, referring to the ruling Communist Party of China Celebrating 100 years.
“The Communist Party is celebrating its 100th anniversary. So is JPMorgan,” he said, referring to the bank recently celebration for a century of operation in China. “And I’ll bet we’ll last longer.”

“I can’t say that in China,” added Dimon, chuckling. “They might be listening anyway.”

The remarks were a rare display by a senior business executive of leadership in the world’s second-largest economy, which is already cracked private enterprises in the past year.
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JPMorgan did not immediately respond to a request for further comment.

America’s largest bank has enjoyed certain privileges in China in recent years. Earlier this year, the lender win approval from regulators to take full ownership of its China securities joint venture, a sign that the country is opening up further to international businesses.

In a statement at the time, Dimon called China “one of the greatest opportunities in the world for many of our customers and for JPMorgan Chase.”

Last week, Dimon also appeared in the headlines about trip to Hong Kong, where he was granted special immunity by the government to skip one of the world’s longest quarantines.
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Hong Kong leader Carrie Lam said the operator had received special authorization for the benefit of “Hong Kong’s economy”, citing the size of the bank’s business in the city, where it is headquartered. headquarters in the area.

Dimon cited Tuesday’s trip as saying, “Obviously, I don’t have the same freedom of speech in China … as I have in Hong Kong. I also don’t have freedom of speech in Hong Kong anymore. .” He did not elaborate further.

The American CEO spoke at Boston College, where he gave an extensive talk on the United States, China and other topics.

At one point, Dimon compared the political and economic approaches in both countries, saying that in the United States, “we have the gifts of our founding fathers: freedom of speech.” freedom of speech, freedom of religion, freedom of business, freedom of human capital, immigration.”

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“If you open the door to America, a billion people will come here. If you open the door to China, how many people do you think will go there?” he say.

“[An] … autocratic economies don’t work particularly well when a country becomes much more complex. And I’m not saying this to be angry with China. I think they did a better job in managing that country than we did in managing that country. They are very smart.”

Dimon also dismissed criticism that JPMorgan “shouldn’t do business in China” for opposing some of its policies.

“We’re in Russia. We’re in Pakistan. We’re in Egypt. You know? And we’re there for the people of the country. We’ve been very consistent, we hope to be there for a while. long,” he said.

“JPMorgan can’t go into a country, and go in and out whenever we like or don’t like something the government is doing. Damn it, I’m leaving America, aren’t I?”

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