"I made a joke the other day that the Communist Party is celebrating its 100th year. I'd make a bet that we last longer. I can't say that in China. They are probably listening anyway."
That was the joke that Jamie Dimon, CEO of JPMorgan Chase, the largest bank in the United States, made during an event on 24 November, Reuters reported.
Dimon's comments sparked a quick reaction from Hu Xijin, editor of the state-backed newspaper Global Times.
During a news conference in China on the same day, even the Chinese foreign ministry spokesman Zhao Lijian asked why Dimon was engaging in a "publicity stunt with some grandstanding remarks."
Dimon apologised almost instantly, going on to say after his event that he regrets the comment "because it's never right to joke about or denigrate any group of people, whether it's a country, its leadership, or any part of a society and culture."
"Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever, " as quoted by the BBC.
The swift apology exemplifies what China experts have been saying for a while now, which is that China's markets are indispensable to businesses all over the world, especially in the US and in the West.
"Dimon's apology shows the degree of deference foreign businesses have to show to the Chinese government in order to remain in its good graces and maintain access to the country's markets," Eswar Prasad, a professor at Cornell University told the BBC.
(With inputs from Reuters and BBC)
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