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BEIJING: Western companies learned an expensive language lesson on pigs, China and hurt feelings this week.
For financial professionals around the world, growing business tensions and fears of an economic downturn are not up to the height of an unlikely drama that has suddenly unfolded in China: the struggle Swiss bank UBS Group to appease public fury sparked by the remark of a renowned economist on pork prices.
Inside banks and investment firms, the debate has swirled around offices and trading rooms. Many were baffled by indignation.
The fury in China – amplified by the outraged public media and the demand of the economist from a local industrial group – was it a new front in the trade war? And what exactly was the insult?
The problem was an attempt by Paul Donovan, world chief economist for UBS, to question whether a swine flu epidemic in China should worry investors focused on global inflation: "It's important that you're a Chinese pig," he wrote. disease. "It's important if you like to eat pork in China. It does not really matter to the rest of the world. "
It turns out that this particular formulation was a real storm of grammar and choice of words – ready to use for the wrong translation.
Jasmine Fan, a strategist at BlackRock in New York, who grew up in China and speaks Mandarin and English, echoed other bilingual industry professionals who had understood the problem and tried to lean it out. ;explain.
"I do not think there is any problem in the English context, but it sounds pretty bad when you read the Chinese translation," she said. For starters, the phrase "if you are" is quite common in English, but relatively rare in Chinese, where it is more likely to be understood as a personal reference to the listener.
The non-diplomatic combination of Donovan's "Chinese pig" is another problem.
"Usually, when traders refer to pork, they use the word" pork "instead," said Victor Shih, an associate professor at the University of California at San Diego. "The pig" is often used pejoratively. "
UBS's local rivals, who were trying to take business away from more established Western wealth managers, were quick to condemn Donovan's remarks. The Hong Kong Securities Association of China, representing financial institutions, including local branches of mainland companies, has requested redundancies.
"Almost everyone in Chinese finance has been offended by this insipid comment," Hao Hong, head of research and chief strategist at Bocom International Holdings Co, said on Friday in a message posted on his WeChat account.
UBS asked Donovan to go on leave, record a recording of his comments and issue a statement in which he stated: "We apologize without reservation for any misunderstanding caused by these innocent comments".
Yet this has privately frustrated many Anglophones in Europe and the United States who have trouble understanding the reaction. Many said that the reaction in China was clearly exaggerated. Several expressed sympathy for Donovan and expressed disappointment that his Zurich-based employer had not defended him further. They asked not to be identified because of the sensitivity of the situation.
Bill Bishop, editor of the Sinocism news bulletin on Chinese news, said he doubted that the incident was "fabricated" by the authorities. Instead, it reminds us that international companies wishing to expand in China must always speak with caution or risk sanctions.
Chinese state media also quickly responded to the UBS gaffe issue.
"It remains unclear whether Donovan was fired, but those who insult the Chinese must pay the price," said the president. Daily People said in a comment released late Friday.
"Otherwise, relapses will be inevitable and potential offenders will be encouraged to do the same,"
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" to avoid the 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 quickly criticized the Chinese people for its" glass heart "" Daily People wrote.
"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.
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