UBS chief apologizes after China pig apologizes Hongkong Association: request expulsion

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 UBS chief apologizes after China pig apologizes Hongkong Association: request expulsion


UBS economist report wrote China pig on my own television public apology (source:)

UBS has always been one of the most active players in Chinas financial opening up process. This time, however, Paul Donovan, the chief economist, made a big difference.

Photo Source: Photograph Network

As a public figure such as chief economist, we should be cautious in our words and deeds. However, the chief economist of UBS Global Wealth Management cant handle his mouth well. * the use of the word Chinese pig in the report has aroused strong dissatisfaction among the Chinese financial circles and the netizens in the world. After UBS and its apology, it was pointed out by the Hong Kong Chinese Securities Association that it was not sincere.

UBS and its chief executives apologized one after another

UBS Chief Economist Donald Wens insulting remarks in a report posted on the official website aroused strong dissatisfaction in Chinas financial circles and netizens.

According to previous screenshots by netizens, the report on inflation was released on June 12. The title is Inflation is Very Normal, written by Paul Donovan, a 26-year-old chief economist at UBS who graduated from Oxford University.

The main body of the article lists the inflation situation of the United States, China and Japan in turn. The first paragraph describes inflation in the United States, which is normal; the third paragraph describes inflation in Japan from the perspective of machine tool production.

And this part of Central China is a bit uncomfortable to read. First of all, inflation in China is caused by classical swine fever. Next, ask yourself: Does it matter? If you are a Chinese pig, then there is a relationship (ItmattersifyouareaChinesepig).

Photo Source: ViviaUBS Official Screen

Many netizens said that a little bit of culture can tell the meaning of racial discrimination behind the phrase Chinesepig, which is a clear indication of mulberry scolding. And the use of such terms in serious reports is even more inappropriate.

So are Chinese sensitive? No, foreigners have noticed. The discussion was also very lively, and some people said frankly:

UBS, once again insulting the whole country...

Thats the world-class view...

A public report quoted executives of foreign banks who received the report as saying, Im very angry. Ive complained and asked UBS to take this matter seriously.

Subsequently, UBS issued an apology statement through its official micro-signal, expressing its deep regret for any misunderstanding caused by Donalds views. The apology statement also specifically clarifies its point of view that only inflation caused by rising pork prices and rising consumer prices in China are discussed. The report was withdrawn.

According to Peng Mei News, Donald apologized in UBSs latest audio message to Peng Mei journalists: First of all, I want to apologize to the Chinese audience for yesterdays podcast on inflation in China. I apologize unreservedly for any misunderstanding caused by my unintentional comments. We have removed audio comments from circulation. It needs to be clear that this comment is about inflation and rising consumer prices in China, driven by a 14.4% year-on-year increase in pork prices.

Hong Kong Chinese Securities Association Issues an Open Letter

However, it is clear that UBS and Donalds apologies did not calm the incident, and the anger of Chinas financial circle continues to ferment.

Today evening, the Hong Kong Chinese Securities Association issued an open letter to UBS Group, saying that the incident had a very bad social impact, seriously violated professional ethics and professional ethics, seriously damaged the feelings of the Chinese people, and corrupted the international image of the Chinese people. It pointed out that the apology letter of UBS Group had no sincerity and regret, and that there was no way to deal with Donald. Law acceptance.

The Hong Kong Chinese Securities Association has two major requirements:

1. UBS Group will severely dismiss the Chief Executive and make the results of the disposal known to the Chinese public.

2. This is not a social misunderstanding of Donalds personal remarks. It is a very serious insult. UBS Group has no regrets for its understatement. We urge UBS management to make a formal public apology and promise that similar incidents will not happen again.

At the same time, the Hong Kong Chinese Securities Association also questioned whether there were major loopholes and serious management negligence in UBSs internal governance system. The Association appealed to Chinese enterprises and individuals to consider carefully their business dealings with UBS Group.

UBSs business in China has developed rapidly in recent years

Paul Donovan is the chief economist of UBS Global Wealth Management Corporation in an introduction on UBSs official website.

I firmly believe that economics can and should be understood by everyone. We make economic decisions all the time. The problem is that economists tend to generalize economics in terms and equations. We dont need to. My job is to help people realize what they may already know - to develop and explain UBSs economic views in a clear way. Paul wrote in his self-introduction.

Paul Donovan, an Englishman, claims to be a political economist rather than a mathematical economist. He is interested in many things in economics. Diversity, inflation, education, trade, inequality and social change are his favorite topics.

However, as a public figure, it is not surprising to say such inappropriate and unprofessional words, which may even have a negative impact on their own institutions.

You know, UBS - UBS has always been one of the most active roles in Chinas financial opening up process. Not only participated in the reorganization of the original Beijing Securities as early as 2006, and participated in UBS Securities. In April 2018, China Securities Regulatory Commission officially issued the relevant policy of allowing foreign-owned joint venture securities firms to reach 51%, it immediately followed up. In December 2018, it completed the formalities for the change of 51% of UBS Securities and successfully controlled UBS Securities.

Source: Daily Economic News Responsible Editor: Li Wan_B11284