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Pekin (Reuters) – People who insult the Chinese should pay the price to deter alleged perpetrators from following their example, Chinese state media said in a well-worded comment. UBS economist on pigs sparked an uproar in China.
Paul Donovan, world chief economist of UBSThe wealth management company, said Wednesday in a podcast that consumer prices in China had risen after an outbreak of African swine fever that killed a large number of pigs and cut pork stocks.
"Does it matter? It does not matter if you are a Chinese pig. It's important if you like eating pork in China, "Donovan said in comments interpreted by some as people, not cattle.
His remarks made a splash on Chinese social media and even pushed a Chinese company to suspend any transaction with the largest bank in Switzerland.
UBS apologized for any misunderstanding caused by Donovan's comments and put the economist on leave. Donovan also said that he was sorry.
"It is not known whether Donovan was fired or not, but those who insult the Chinese people must pay the price," said the People's Daily, the newspaper of the Chinese Communist Party, in a commentary released late Friday.
"Otherwise, relapses will be inevitable and potential offenders will be encouraged to do the same," warned the newspaper.
Many have tried to explain it by saying that the Chinese were not native English speakers and had misunderstood, said Hao Hong, head of research at Hong Kong's Bank of Communications International and among the first in the Chinese financial community to call Donovan for his comments. .
"But you do not have to be a native speaker to understand the pejorative link between the word" pig "and a culture," wrote Hong, in a post posted on his personal account on WeChat.
Donovan did not respond to a Reuters e-mail asking for a comment.
The stakes are high for foreign companies like UBS seeking to expand their presence in China as the world's second-largest economy, it is opening up its financial sector further.
Last December, UBS became the first foreign bank in China to obtain official authorization to take a majority stake in its local securities joint venture.
UBS said he was improving its "internal processes" to avoid any repetition of such an incident and remains "fully committed to investing in China".
The Swiss bank is not the first to be interested in cultural issues in China.
Last year, the Italian luxury brand Dolce & Gabbana raised an uproar after one of its commercials showed a model of East Asian ancestry who was struggling to eat pizza with baguettes.
"Whenever Chinese nationals responded to insults from outsiders, some critics quickly criticized the Chinese for their" glbad heart "," writes People's Daily.
"Even some compatriots believe that any Chinese revenge is tantamount to turning a mountain into a molehill. But that's a big problem and there can be no ambiguity about it.
(Report by Ryan Woo, edited by Christian Schmollinger)
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