Presidents Trump and Xi are squaring off in important trade negotiations. Behind the scenes, U.S. and Chinese banks continue to battle it out on the Forbes Global2000 for the industry's supremacy
With President Trump and China's Xi Jinping still squaring off over a comprehensive trade deal after multiple rounds of negotiation, few issues are more important than the opening of the Chinese financial markets to international banks and investors. As both continue to work towards a deal, U.S. banks continue to encroach on China’s global dominance of the banking market. On the 2019Global 2000, JPMorgan Chase supplanted China Construction Bank as the world’s second largest company.
Bankers like JPMorgan’s Jamie Dimon have been closely watching the potential opening of the Chinese banking system and capital markets to foreigners closely, and want to organically build businesses in the country, instead of forming partnerships. Prior to the financial crisis, banks like Goldman Sachs, Morgan Stanley and BofA held extensive minority-owned joint ventures with banks like China Construction Bank and ICBC, but most have since been dissolved.
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