Chinese securities organisation blacklists UBS banker who made ‘pig’ remarks seen as offensive
- Paul Donovan, who has apologised for his comments, attributed higher Chinese consumer prices to ‘sick pigs’ while speaking on a podcast
- The Securities Association of China recommended that its members not invite Donovan to their events
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The Securities Association of China has blacklisted Paul Donovan, a chief economist at the Swiss investment bank UBS, as “persona non grata” after he sparked an outcry for discussing “a Chinese pig” in one of his analyses on inflation in the country.
In a statement posted on its website on Friday, the association demanded that UBS “take measures to eliminate negative effects, effectively strengthen the management and compliance review of the publication of research reports, eliminate the occurrence of similar issues, and avoid affecting the company’s normal business operations in China”.
The association also recommended that its members not cite comments by Donovan and not invite him to their events.
Donovan, who is British, made the remarks in a podcast on Wednesday when he attributed higher Chinese consumer prices to “sick pigs” and dismissed the global importance of the price inflation, saying: “Does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China. It does not really matter to the rest of the world.”
Although the remarks were later removed from circulation by the bank, they triggered outrage among Chinese internet users who condemned them as derogatory.
Chinese pig farms have been plagued in recent months by African swine fever, with some sick livestock being imported to Hong Kong, wreaking havoc with the city’s pork supplies.
On Thursday afternoon, Donovan issued a formal apology on his daily audio commentary.
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“I apologise unreservedly for any misunderstanding caused by my innocently intended comments. We have removed the audio comment from circulation,” Donovan said.
“To be clear, this comment was about inflation and Chinese consumer prices rising, which was driven by 14.4 per cent year-on-year higher prices for pork.”
But the association said Donovan had “created very bad influences” with his comments and demanded that the bank rectify the mistake. Nevertheless, it said it welcomed foreign companies to invest or start their business in China.
“We welcome foreign companies that follow Chinese laws and regulations, and respect the Chinese people to come and invest,” it said.
Established in 1991, the Securities Association of China is a self-regulatory organisation in the securities industry with 212 members, according to its website.
UBS, which also issued an apology for any misunderstanding caused by the comments, said on Friday that Donovan had taken leave at the bank’s request.
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“We confirm that we have asked Paul to take a leave of absence as we review this matter, to evaluate whether further steps need to be taken,” the bank said.
In a brief description published on UBS website, Donovan described himself as a “political economist”.
“I tend to think of myself as a political economist, not a mathematical economist,” he wrote.
“I get very excited about lots of things in economics. Diversity, inflation, education, trade, inequality and social change are some of the topics I am very enthusiastic about.”
