"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-12-10T19:06:32Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/12/09/economy-recap-lookahead-2020-yir-orig-bu.cnn"
data-branding-key=""
data-video-slug="economy recap lookahead 2020 YIR orig bu"
data-first-publish-slug="economy recap lookahead 2020 YIR orig bu"
data-video-tags="401k plans,banking, finance and investments,business, economy and trade,christine romans,compensation and benefits,donald trump,elections and campaigns,employment and income status,financial markets and investing,government and public administration,labor and employment,misc people,pension and retirement plans,personal finance,political candidates,political figures - us,politics,retirement and retirees,savings (financial),social and economic status,society,wall street,workers and professionals"
data-details="">
Video Ad Feedback
The Trump economy is good for his reelection. Will trade stand in the way?
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-12-03T14:31:49Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/12/03/trump-tariffs-trade-china-france-brazil-argentina.cnn-business"
data-branding-key=""
data-video-slug="trump tariffs trade china france brazil argentina"
data-first-publish-slug="trump tariffs trade china france brazil argentina"
data-video-tags="argentina,asia,brazil,business, economy and trade,china,christine romans,continents and regions,donald trump,east asia,economic policy,economy and economic indicators,government and public administration,government bodies and offices,international trade,international trade law,latin america,misc people,political figures - us,politics,south america,tariffs and customs,the americas,trade and development,trade regulation and policy,trade wars,us federal government,white house"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-09-25T17:43:58Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/09/25/markets-now-anthony-scaramucci-trump-china-trade.cnn-business"
data-branding-key="markets-now"
data-video-slug="markets now anthony scaramucci trump china trade"
data-first-publish-slug="markets now anthony scaramucci trump china trade"
data-video-tags="anthony scaramucci,asia,business figures,business, economy and trade,china,continents and regions,donald trump,east asia,economic policy,economy and economic indicators,government and public administration,government bodies and offices,international trade,international trade law,political figures - us,politics,tariffs and customs,trade and development,trade regulation and policy,us federal government,white house"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-09-11T13:49:08Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/09/11/china-trade-tariff-waiver-us-imports-first-move-romans-lkl-vpx.cnn"
data-branding-key=""
data-video-slug="china trade tariff waiver us imports first move romans lkl vpx"
data-first-publish-slug="china trade tariff waiver us imports first move romans lkl vpx"
data-video-tags="asia,beans and legumes,business and industry sectors,business, economy and trade,china,consumer products,continents and regions,east asia,economic policy,economy and economic indicators,exports and imports,food and drink,food products,international trade,international trade law,kinds of foods and beverages,tariffs and customs,trade and development,trade regulation and policy"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-09-05T22:19:43Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/09/05/manufacturing-trade-war-orig.cnn-business"
data-branding-key=""
data-video-slug="manufacturing trade war orig"
data-first-publish-slug="manufacturing trade war orig"
data-video-tags="banking, finance and investments,business and industry sectors,business, economy and trade,christine romans,economic indicators,economic policy,economy and economic indicators,financial markets and investing,international trade,manufacturing and engineering,manufacturing industry,misc people,securities trading,stock indexes,stock markets,trade and development,trade regulation and policy,trade wars"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-08-30T14:13:46Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/08/30/peter-navarro-defends-trump-china-tariffs-white-house-trade-adviser-sot-qmb.cnn"
data-branding-key=""
data-video-slug="peter navarro defends trump china tariffs white house trade adviser sot qmb"
data-first-publish-slug="peter navarro defends trump china tariffs white house trade adviser sot qmb"
data-video-tags="asia,beijing,business, economy and trade,china,continents and regions,donald trump,east asia,economic policy,economy and economic indicators,government and public administration,government bodies and offices,international trade,international trade law,misc people,peter navarro,political figures - us,politics,tariffs and customs,trade and development,trade regulation and policy,trade wars,us federal government,white house"
data-details="">
Video Ad Feedback
Trump trade adviser defends China tariffs: They're working
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-08-07T21:16:30Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/08/07/trump-tariffs-trade-war-china-iphone-shoes-julia-chatterely-orig.cnn-business"
data-branding-key=""
data-video-slug="trump tariffs trade war china iphone shoes julia chatterely orig"
data-first-publish-slug="trump tariffs trade war china iphone shoes julia chatterely orig"
data-video-tags="business, economy and trade,donald trump,economic policy,economy and economic indicators,exports and imports,government and public administration,government bodies and offices,international trade,international trade law,political figures - us,politics,tariffs and customs,trade and development,trade regulation and policy,trade wars,us federal government,white house"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2018-10-03T17:45:32Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2018/10/03/what-a-trade-war-looks-like-orig.cnn-business"
data-branding-key=""
data-video-slug="what a trade war looks like orig"
data-first-publish-slug="what a trade war looks like orig"
data-video-tags="animals,birds,business, economy and trade,economic policy,economy and economic indicators,international trade,international trade law,life forms,tariffs and customs,trade and development,trade regulation and policy,trade wars"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-05-23T13:32:56Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/05/23/us-china-trade-war-worst-case-scenario-orig.cnn-business"
data-branding-key="leading-indicator"
data-video-slug="us china trade war worst case scenario orig"
data-first-publish-slug="us china trade war worst case scenario orig"
data-video-tags="asia,business, economy and trade,china,christine romans,continents and regions,east asia,economic conditions,economic decline,economy and economic indicators,international trade,misc people,recession,trade and development,trade regulation and policy,trade wars"
data-details="">
Video Ad Feedback
This is the worst case scenario for the US-China trade war
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2019-05-28T20:56:14Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2019/05/28/huawei-tech-trade-war-orig.cnn"
data-branding-key=""
data-video-slug="huawei tech trade war orig"
data-first-publish-slug="huawei tech trade war orig"
data-video-tags="asia,business, economy and trade,china,christine romans,companies,continents and regions,east asia,economic policy,economy and economic indicators,government and public administration,government bodies and offices,huawei technologies co ltd,international trade,misc people,politics,technology,trade and development,trade regulation and policy,trade wars,us federal government,white house"
data-details="">
Video Ad Feedback
What blacklisting Huawei means for the US-China trade war
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2018-10-04T00:09:31Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2018/10/03/china-tariffs-trade-war-orig.cnn-business"
data-branding-key=""
data-video-slug="china tariffs trade war orig"
data-first-publish-slug="china tariffs trade war orig"
data-video-tags="business, economy and trade,continents and regions,donald trump,economic policy,economy and economic indicators,exports and imports,government and public administration,government bodies and offices,international trade,international trade law,north america,political figures - us,tariffs and customs,the americas,trade and development,trade regulation and policy,trade wars,united states,us federal government,white house"
data-details="">
Video Ad Feedback
You'll pay more for these, thanks to tariffs
01:44
Now playing
- Source:
CNN Business
LondonCNN Business
—
JPMorgan has a chance to bid for control of its asset management business in China this month, but it will have to pay up for the privilege.
America’s biggest bank could become the first foreign fund manager to own a majority stake in a Chinese joint venture when its partner puts 2% of the company up for sale.
But it will have to pay a premium of at least 33% for the shares, according to a recent regulatory filing by JPMorgan’s Chinese partner, Shanghai International Trust.
International banks are eying China, where 1.4 billion citizens had investible financial assets of $20 trillion in 2018, according to PwC. That number is expected to grow to $26 trillion by the end of 2020.
Despite recent government moves to open up the sector, new entrants face numerous challenges including regulatory barriers and entrenched local competition.
JPMorgan
(JPM) currently owns 49% of China International Fund Management, which has been valued at 9 billion yuan ($1.3 billion), according to the exchange filing.
But the minimum bid price for the 2% stake has been set at 241.3 million yuan ($35.1 million). That would value the entire venture at 12 billion yuan ($1.7 billion), or one third higher.
The premium means JPMorgan will be paying about $9 million more for the stake than it’s currently worth.
JPMorgan declined to comment on the filing.Potential bidders have until July 26 to get involved in the process.
China, the world’s second largest economy, has huge potential for a bank like JPMorgan. CEO Jamie Dimon has said JPMorgan is “all in” on the growing the bank’s business there.
Beijing announced in late 2017 that it would allow foreign investors to own 51% of securities firms, investment managers and life insurance providers, and would remove limits entirely in three years.
The Chinese government said Tuesday that it is willing to go faster.
Premier Li Keqiang, speaking at the World Economic Forum in Dalian, said that China will lift foreign ownership caps on such companies one year ahead of schedule.
The announcement comes after President Donald Trump and his Chinese counterpart Xi Jinping agreed to restart trade talks at the G20 summit last weekend.
