JPMorgan Asia Pacific CEO Says China is Very Important in Business and Can't Be Ignored

By Thea Felicity

May 23, 2024 12:02 PM EDT

People walk past a housing complex under construction in Beijing on May 17, 2024.
(Photo : JADE GAO/AFP via Getty Images)

In a bold statement at the 20th annual Global China Summit in Shanghai on Thursday, May 23, JPMorgan Asia Pacific CEO Sjoerd Leenart emphasized China's indispensable role in the global economy, declaring that doing business in the Chinese market is required. 

Per CNBC, Leenart sees China's emergence as the second world power with a major influence on every industry worldwide. 

Despite recent economic challenges, including a sluggish property sector, China's resilience and growth potential remain undeniable. In the first quarter of the year, its GDP outpaced expectations. Leenart stressed the importance of understanding China's economic dynamics, noting that even those who choose not to invest in China must comprehend its impact on global markets.

This statement, however, contrasts with CEO Jamie Dimon's remark that he and JPMorgan will leave China if necessary, VCPost reported.

READ NEXT: JPMorgan Chase CEO Jamie Dimon Sounds Alarm on Ballooning US Fiscal Deficit Due to High Government Spending

China's Business Power

China drives global economic growth and stability as the world's second-largest economy. Its massive consumer market, accounting for 19% of global GDP and 48% of Asia's GDP, makes it a magnet for international businesses seeking expansion opportunities. 

China is also a major trading partner to over 120 countries, underscored by its pivotal role in shaping global trade patterns. Not to mention its technological advancements and innovation capabilities, which are reshaping industries worldwide, from telecommunications to renewable energy. 

With these, China's policies and actions have far-reaching implications for businesses, investors, and policymakers globally, making it a nation that the corporate industry cannot ignore.

READ MORE: JPMorgan Chase Is Ready to Leave China if Ordered by US Government, Bank CEO Jamie Dimon Says

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