JPMorgan Chase CEO Jamie Dimon said Wednesday that China may struggle to achieve "smooth, steady" growth, though he noted he expects more elite companies to develop in the world's most populous nation.
"Reforming inefficient state-owned enterprises, developing healthy markets (like we have in the United States) with full transparency and creating a convertible currency where capital can move freely will not be easy. There will be many bumps in the road," he wrote in JPMorgan's annual report for 2015.
In the wide-ranging letter, Dimon also addressed JPMorgan's liquidity, U.S. interest rate policy and American financial regulation, among other topics. It comes amid an uncertain time for large banks, which have recently faced global economic confusion, monetary policy changes and political rhetoric against Wall Street.