Jamie Dimon expresses regret as bank sets sights on growth in China.

JPMorgan Chase Chief Executive Officer Jamie Dimon said on Wednesday that he regretted his remarks that the Wall Street bank would last longer than China’s Communist Party, moving quickly to avoid any long-term fallout.

I was trying to emphasize the strength and longevity of our company,” Dimon said in a statement issued by the bank.

In a later statement, Dimon said: “It’s never right to joke about or denigrate any group of people, whether it’s a country, its leadership, or any part of a society and culture.

Speaking at a Boston College series of CEO interviews on Tuesday, Dimon said: “I made a joke the other day that the Communist Party is celebrating its 100th year – so is JPMorgan.

“Dimon’s apology shows the degree of deference foreign businesses have to show to the Chinese government in order to remain in its good graces and maintain access to the country’s markets,” said Eswar Prasad, a professor at Cornell University.

“The Chinese government has amply demonstrated its willingness to curb or in some cases shut down foreign businesses’ operations in the country if they challenge the government openly or even engage in perceived or indirect slights,” said Prasad.