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JPMorgan building more ties with China

By Zhou Lanxu and Jiao Jie in Shanghai | chinadaily.com.cn | Updated: 2020-11-03 10:39

JPMorgan is working to introduce all of its major business lines into China to build a more complete financial service platform in the fast-growing market, a senior official of the leading global investment bank said.

"We are deeply encouraged by the continued liberalization of China's financial markets, and fully committed to investing our global resources and expertise to serve our clients and support the financial market development in China," said Park Pu, managing director of JPMorgan Chase and Co.

The US-based investment bank now runs investment banking, commercial banking, wholesale payments, securities services, asset management, and futures services in China, with JPMorgan Securities (China) Co Ltd, the country's first newly-established securities firm with foreign majority ownership, opening for business in Shanghai's Pudong New Area in March.

Pu, also chairman and CEO of JPMorgan Securities, said the company is looking forward to grow together with the Pudong New Area, which celebrates its 30th anniversary of development and opening-up this year.

The company has full confidence in Pudong's further development and opening-up in the financial sector, not only as the country has made the area the window for the financial industry but given the great achievements Pudong has delivered in the past three decades, Pu said on Sunday.

Specifically, multinationals that have great presence in China may get listed in Shanghai's STAR Market by issuing Chinese Depositary Receipts, or CDRs, in the future.

The company is eager to contribute to the deepening and opening of country's financial market and cooperating closely with local regulators and exchanges to enrich the market, Pu added.

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