China’s transformation is keeping growth on an even keel
Nation’s rapid advances in technology, trade and global collaboration are expected to present major opportunities, according to CEO of J.P. Morgan Asia-Pacific
ward with initiatives such as the Belt and Road and becoming increasingly confident at world forums such as APEC, G20 and WEF.
Could China’s experiences and practices be used to solve global problems?
As President Xi Jinping said last year, China will proactively push forward with the construction of a global network of partners and will proactively push for political solutions for the tough and challenging international issues.
We believe China’s experiences would be very valuable in many areas. For example, as the world’s most populous country, China has done an amazing job in poverty reduction. Many developing countries are eager to learn from China’s experience. Also, in the unprecedented tide of anti-globalization, China has shown its determination for international collaboration through initiatives such as the Belt and Road and the Asian Infrastructure Investment Bank, bringing inclusiveness and common prosperity to all participants.
What measures are needed if China wants to deepen reforms?
Last year, China announced it will further open up its financial sector to allow 51 percent foreign ownership of financial joint ventures and 100 percent foreign ownership within three years. J.P. Morgan welcomes any decision made by the Chinese government as it continues to liberalize its financial sector further. We are fully committed to China and have a strategic long-term approach to our business in the country, and we will continue to evaluate viable options to strengthen our position in this very important market in order to better serve our clients.
I think China has made great strides in two other very important areas: fighting corruption and combating pollution. These two areas are very important for the continued steady development of China, and I would encourage the Chinese leadership to continue its relentless effort and focus around these topics.
What is the most unforgettable experience you have had in China?
With J.P. Morgan, I am very privileged to meet and spend time with our clients based in China. The more time I spend with them, the more impressed I am by their talent, intellect and vision. Watching them grow their ideas into sustainable businesses, where they become not just domestic champions but global champions, is a fantastic experience. Advising them, partnering with them and supporting them on this journey is fantastic and very rewarding.