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BEIJING (REUTERS) – Those who insult the Chinese should pay the price to deter future criminals from doing the same, Chinese official media said in a very concise comment, following remarks by a Chinese economist. UBS on pigs.
Paul Donovan, chief economist of the UBS division in the wealth management sector, said Wednesday in a podcast that consumer prices have risen in China after the outbreak of African swine fever that killed a large number of pigs and cut the stocks.
"Is it important – it's important if you're a Chinese pig.It's important if you like to eat pork in China," Donovan said in comments interpreted by some as people, and not livestock.
His remarks made a splash in Chinese social media and even prompted a Chinese company to suspend any transaction with the largest bank in Switzerland.
UBS is excused for any misunderstanding caused by Donovan's comments and put the economist on leave. Donovan also said that he was sorry.
"It is unclear whether Donovan was fired or not, but those who insult the Chinese people must pay the price," said the People's Daily, a newspaper of the Chinese Communist Party, in a commentary released Friday (14 June).
"Otherwise, relapses will be unavoidable 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 that exists between the word" pig "and a culture," wrote Hong, in a message 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 that want to expand their presence in China, as the world's second largest economy opens up its financial sector.
Last December, UBS became the first foreign bank in China to obtain official authorization to take control of its local securities joint venture.
UBS said it was strengthening its "internal processes" in order 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 respond to insults from outsiders, some people quickly blame the Chinese for having a" glbad heart "," writes the People's Daily.
"Even some compatriots believe that any Chinese revenge equates to turning a mountain into a molehill." But that's a big deal, and there can be no ambiguity about it. "
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