JPMorgan Chase and Co CEO Jamie Dimon recently called for “real engagement” between Washington policymakers and Beijing in the face of deepening Sino-U.S. relations. Appearing at the JPMorgan Global China Summit in Shanghai, Dimon spoke on his first visit to China since his 2021 apology for joking that JPMorgan would outlast the Chinese Communist Party. While acknowledging the security and trade disputes between the two countries as “resolvable”, he implored both sides to have meaningful conversations instead of yelling at each other from across the Pacific to resolve them.
Dimon’s comments come after his public apology issued in November 2021 for joking that JPMorgan would outlast the Chinese Communist Party. Following the statement of regret, in December 2021, JPMorgan won approval to become the first foreign company to establish full ownership of a securities brokerage in China.
The ongoing rivalry between the United States and China is felt in many areas, particularly in trade. U.S. President Joe Biden has taken an aggressive stance towards China, criticizing their economic policy and human rights records. Through tit-for-tat retaliatory tariffs, tensions between the two countries have grown further over time.
At present, there are numerous issues that need resolving between the two countries. Issues such as competition in the tech sector, China’s massive Belt and Road Initiative, and intellectual property rights need to be negotiated and addressed to promote better cooperation between the two coastal powers. In addition, as the world’s two largest economies, China and the United States must work together to promote global economic stability.
Thus, Dimon’s call for real engagement is timely, given the escalating tensions between the two nations. Dialogue and negotiation are key to forming stronger bilateral ties and working together towards common objectives. As Dimon stated, trade disputes are resolvable, especially if both countries make the effort to have meaningful discussions with one another.
It is clear that the Sino-U.S. relationship requires more constructive diplomatic efforts if it is to be improved. While it may not be easy, it is definitely necessary. With joint efforts from both sides, a mutually beneficial partnership can be established, fostering the economic and social prosperity of both countries.