The JPMorgan Chase logo is seen at their headquarters building on May 26, 2023 in New York City. (PHOTO / AFP)

NEW YORK — JPMorgan Chase & Co. plans to sustain its hiring efforts in China to expand its asset management business in the world's second-largest economy, Bloomberg reported Friday.

"China's mutual fund industry remains an irreplaceable growth market for global asset managers," Desiree Wang, JPMorgan Asset Management China chief executive officer, said in an interview on Friday. "It offers a great certainty of growth."

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The report states that JPMorgan Chase & Co. plans to launch an Exchange-Traded Fund (ETF) tracking the CSI A50 Index in 2024. The fund raised 2 billion yuan ($278 million) in less than 10 days.

As more investors shift their investments to assets beyond real estate, China's mutual fund industry will continue to grow, Wang said.