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Within 20 Years, 35% Of Fortune 3000 Companies Will Be Based In China, Jamie Dimon Says

Within 20 Years, 35% Of Fortune 3000 Companies Will Be Based In China, Jamie Dimon Says

Fast forward 20 years, how many of the world's 3,000 biggest companies in the world will be located in China? Ten percent seems like a reasonable to some, perhaps as much as 20 percent. JPMorgan Chase & Co. (NYSE: JPM)'s CEO Jamie Dimon thinks the number will be as high as 35 percent, or around 1,050 companies.

Speaking to Bloomberg during the sidelines of the JPMorgan Global China Summit in Beijing, Dimon said that it is much easier to forecast China's 20-year outlook today. This is due to the fact that the government introduced much needed financial and market reforms.

Granted, there will be periods of tough times in the near term, but this holds true for every single country, Dimon added.

JPMorgan's Future In China

If Dimon is uber-bullish on China's outlook, what exactly will the bank's role be over the next 20 years.

JPMorgan already provides a lot of services to Chinese companies outside of the country, such as in Hong Kong. The bank did hold a joint venture in China which it exited in late 2016 but Dimon's long-term goal is to have its own 100 percent backed entity in Shanghai and Beijing.

The only problem is Chinese law does not permit a foreign entity to operate in the country unless it is part of a joint venture.

"We want [more] reform but we know they [the Chinese government] have to go at their own measured pace," Dimon answered. "It is complicated so we respect that and tell them what we would like and hopefully it will happen."

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