Mr Li is moving to JPMorgan after nine years at UBS, where he was chairman and country head of China. He will be responsible for all JPMorgan's operations and products lines in China and will chair the local management committee, once he takes up his new role in Beijing in October.
Nicolas Aguzin, JPMorgan's Asia chief executive and chairman, said Mr Li's arrival demonstrated the bank's "commitment to China as a priority".
JPMorgan's China business has drawn the attention of regulators in the US, who launched an investigation in August into whether the bank hired family members of influential members of the Chinese government – sometimes known as "princelings" – in order to win business.
Hiring specific individuals in such a manner to win contracts would violate the US Foreign Corrupt Practices Act.
The Securities and Exchange Commission has requested information from a number of banks, including UBS, as part of the investigation. JPMorgan has said it is co-operating with regulators, and has promised to overhaul its compliance procedures.