BEIJING • Those who insult Chinese people should pay the price in order to deter would-be offenders from following suit, Chinese state media said in a sharply worded commentary, after remarks by a UBS economist about pigs sparked an outcry in China.

Mr Paul Donovan, chief economist of UBS's global wealth management business, said in a podcast that consumer prices in China had risen after an outbreak of African swine fever killed a vast number of pigs and cut pork supplies.

"Does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China," Mr Donovan said in comments that some interpreted as referring to people, not livestock.

His comments last Wednesday caused a furore on Chinese social media and even prompted one Chinese firm to suspend all dealings with Switzerland's largest bank.

UBS apologised for any misunderstanding caused by Mr Donovan's comments and put the economist on leave. And Mr Donovan also said he was sorry.

"Whether or not Donovan was fired is still unknown, but those who insult Chinese people must pay the price," the People's Daily, the newspaper of China's Communist Party, said in a commentary published late on Friday.

"Otherwise, relapses will be inevitable, and would-be offenders will be incentivised to do the same," the newspaper warned.

Many tried to explain it away by saying Chinese people are not native English speakers and have misunderstood, said Mr Hao Hong, head of research at Bank of Communications International in Hong Kong, and among the first in the Chinese financial community to call out Mr Donovan for his comments.

"But you don't need to be a native speaker to understand the derogatory connection between the word 'pig' and a culture," Mr Hong wrote in a post on his personal WeChat account.

REUTERS