According to JPMorgan officials, China could be a significant opportunity for growth, considering that the bank is predicting that over the next 12 years China will equal the US in terms of the stock and bond market.
In May 2018, JPMorgan applied to China’s securities regulator to set up a securities business of which the bank would own a majority stake. In late November 2017, China announced it would remove foreign ownership limits on banks and permit international companies to take majority stakes in local securities companies, fund managers and insurers.
JPMorgan currently has some licenses in China, including JPMorgan Chase Bank (China), which has licenses for derivatives, foreign exchange and local currency trading, government bond underwriting, trade finance, cash management and commercial banking. JPMorgan Asset Management (Shanghai)’s licenses include asset management, investment management and investment advisory.
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