Jamie Dimon, Managing Director of JPMorgan Chase. Photographer: Tiffany Hagler-Geard / Bloomberg
2019 Bloomberg Finance LP
Bitter and high-profile talks between the United States and China in Alaska Thursday and Friday were followed over the weekend by speculation of a fall into an even more difficult era of relations between the two countries. Challenging the United States, China and Russia set the tone for a new cold era, The New York Times reported today in a front page article.
Think about this news, however, only two days old: China Merchants Bank, one of China’s largest financial institutions, has announced that JPMorgan Asset Management (Asia-Pacific) will pay $ 415 million for a 10% stake in its branch of wealth management.
This move will allow the American bank to take advantage of the growing number of wealthy people in the country. The United States still has more millionaires than any other country, but China recorded the biggest gains in the first half of 2020, with an increase of 365,000 between January and June, according to Credit Suisse. Likewise, the United States dominated the world in terms of the number of billionaires on the Forbes 2020 billionaire list, but mainland China quickly closed the gap. Tuya’s New York Stock Exchange listing on Thursday hit a new billionaire geek from China who previously worked for another mainland tech success Alibaba. (See the previous article here.)
JPMorgans investment highlights the conflicting impulses from the United States to China. Many large American companies already present do not want to leave and aim to do more business; in contrast, US national security experts focus on cyber threats and geopolitical tensions.
No matter where the United States goes, more business, more defense spending, or both, success will require politicians and businesses to synchronize and policy makers to provide meaningful follow-up. An initiative that would benefit both American business and defense interests: more spending and incentives for education and language training programs that encourage Americans to learn as much about China as the Chinese know about America.
The long-awaited Alaska talks are over. It’s time for the Bidens team to get creative and stand out.
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Alibaba Alum joins the ranks of global billionaires
What would Colonel Sanders say?
The US space boom is about to spread to China
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