(Bloomberg) -- JPMorgan Chase & Co. is continuing to expand in China amid mounting political and economic concerns as the U.S. bank is staying focused on building out its business in the country over the next two decades, according to the bank’s top executive in Asia.

“The answer is no,” Asia-Pacific Chief Executive Officer Filippo Gori said in an interview on Bloomberg TV in response to a question on whether the firm was looking over its pace of expansion in China.  “We’re trying try to stay away from the short term reasons, and we’re doing this for the next 25 years.”

China’s dogged adherence to Covid Zero -- epitomized by Shanghai’s lockdown -- has slowed everything from consumer spending to manufacturing in the world’s second-largest economy. Gori’s optimism comes as Shanghai’s latest Covid outbreak is showing signs of abating, which may allow the city to unwind the punishing lockdown that has been imposed on the Chinese financial hub for more than six weeks.

JPMorgan was the first foreign bank to obtain full control of its securities business in China last year and the lender is now in the final stage of reaching the same ownership in its asset management business, Gori said. The bank is continuing to hire in China and will expand its platform in the country by the end of the year, he said. 

Some clients have become more cautious because of inflation and geopolitical concerns, but “nobody has any doubts” about the long-term outlook for the region and China, he said.  

He also reiterated his commitment to Hong Kong, which has been weighed down by strict quarantine rules and restrictions as it has battled to contain fifth wave of Covid over the past months. The city remains the bank’s regional headquarters “without a shadow of doubt,” he said.  

While the bank has lost “a few colleagues” in Hong Kong mainly for personal and family reasons, the number of departures from the Asian financial hub to Singapore “has been really small” so far, he said. 

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