China’s trans­for­ma­tion is keep­ing growth on an even keel

China Daily European Weekly - - Business -

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.

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