JPMorgan Chase has been asked by China’s state planning body to invest in a scheme to provide credit guarantees for small and medium enterprises in the country, a service that would help smaller companies get access to financing.
The request from the powerful National Development and Reform Commission has received a mixed reception at the US bank, according to people familiar with the matter.
It comes at a time when JPMorgan, which on Friday revealed record earnings of $17.4bn for last year, is planning a big push in China under Zili Shao, who became head of the US bank’s China operation a year ago.
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