China is too big to be sidelined, and investors "have to do business there," JPMorgan Asia Pacific CEO Sjoerd Leenart said.Photo taken on May 1, 2023 shows a sign at the JPMorgan Chase & Co. headquarters in New York, the United States.China is too big to be sidelined, and investors "have to do business there," JPMorgan Asia Pacific CEO Sjoerd Leenart said Thursday, adding that the country had emerged as the second world power.
International companies are still investing in the economic powerhouse, and "it's an incredibly important place," Leenart told CNBC's Sri Jegarajah at the 20th annual Global China Summit in Shanghai. "You can't ignore it, you have to do business there, even if you decide not to do business there, you need to understand what's going on," Leenart said, adding that what happens in China "influences every industry around the world."Given how extensively China is linked with the region, Leenart emphasized that there needs to be "good activity" in China in order to have a buoyant investment banking business.embattled property sector..
Leenart added foreign direct investment into the country fell last year, but it has to be seen in the context that FDI has been growing for the last 50 years: "Every market will take its pause.""I think that have a lot to sell to the world, and that product will be needed all over the world," said Leenart, adding that he sees a lot of opportunity in China.
"We've been here for 103 years. So we we've taken a long term view on China, and we'll be here for 100 more years to come," he said.