The three words “I’m sorry” spoken by the Finnish Prime Minister in Chinese may be worth more than 10 billion euros.
As a cryptocurrency analyst, I usually focus on the fluctuations of the digital asset market, but today I want to talk about a crash in the value of national credibility assets in the real world. Last week, Finnish Prime Minister Orpo was forced to say the three words “I’m sorry” in Chinese, which was triggered by a financial earthquake caused by a discriminatory photo.
It all began with a selfie by former Miss Finland Sarah Zafus on social media: she made the “squinty eyes” gesture by pulling at the corners of her eyes with her fingers, captioning it “Let’s go eat Chinese food.” This gesture, which is typically discriminatory against Asians in the Western context, instantly ignited anger across East Asia.
But what really shook the market was the subsequent actions of Finnish politicians.
01 From individual foolishness to national crisis: the evolution of a discriminatory gesture.
The situation began with the inappropriate behavior of a beauty pageant champion. After Sarah Zafus posted a photo pulling at the corners of her eyes, the Finnish beauty pageant organization quickly responded by stripping her of the title, and she also apologized in Chinese.
If the story ended here, it might just be an ordinary social news item.
However, members of the right-wing party in Finland's ruling coalition, the Finns Party, collectively imitated this discriminatory gesture on social media in the name of “support.” Member of Parliament Juho Eerola set his profile picture to one pulling at the corners of his eyes, and female member of parliament Kaisa Kallio and others also posted similar photos.
Even more shocking is that the party's parliamentary leader, Jani Mäkelä, publicly stated his “full support” for these actions, claiming that members of parliament have the right to “point out the problems.” This contemptuous attitude has completely escalated the conflict.
From personal behavior to collective provocations at the political level, this farce touches on the shared pain in the modern history of East Asian countries. The gesture of “pulling the eyes” carries the historical scar of 19th-century Western colonizers deliberately shaping the image of Asians as “ignorant” and “weak.”
02 Market countermeasures: Finnish enterprises feel substantial pressure.
What really made the Finnish government nervous was not the online verbal battles but the substantive economic countermeasures. Finnair publicly stated that the controversy has triggered a strong backlash in the Asian market, directly affecting the company's reputation and booking volume.
Finnair's public relations director admitted that they have received a large number of boycott messages from China, Japan, and South Korea. A Finnish television production company even urgently suspended its cooperation project with Japan.
Finnish entrepreneurs in China are particularly worried. One Finnish entrepreneur doing business in China bluntly stated, “Within two days, the brand of this country will be completely destroyed.” This concern is not unfounded.
Finland's economy is a typical small outward-oriented economy, with a population of about 5.65 million, highly dependent on international trade. A shift in the attitude of major global consumer markets is enough to shake its annual economic performance.
The market is the most honest voting machine. While Finnish politicians are still talking grandly about “freedom of speech,” Asian consumers have clearly expressed their attitudes through “cancellations” and “not purchasing.” This market pressure quickly transmitted to the business sector and then to the government.
03 Sino-Finnish trade: the interdependence behind the numbers.
Why is the Finnish government so nervous? Let's take a look at the data.
According to data from China's General Administration of Customs, the bilateral trade volume between China and Finland reached 14.121 billion euros in 2024, making China Finland's fourth-largest trading partner. For Finland, which has a population of just over 5 million, this number is significant.
Data from Statistics Finland shows that Finland's machinery, textiles, furniture, and other household products are heavily dependent on China. Nearly two-thirds of laptops and nearly half of mobile phones are imported from China.
At the same time, Finland's exports in high-end equipment, clean energy systems, communication technology, and other fields are also highly dependent on the Asian market. This is why the Finnish business community felt panic earlier than politicians.
The Deputy Secretary of State of the Finnish Ministry of Foreign Affairs admitted: “About 5% of Finland's trade goes to China, with an export volume of about 4 billion euros. We rely on China for key raw materials and components.” This dependence is not one-sided, but the risks for small countries are clearly greater.
04 The economic rationality behind the apology: a precise crisis public relations case.
In the face of economic pressure, the Finnish government's apology action demonstrated a high degree of precision and targeting.
The Finnish Prime Minister's apology statement was not issued through domestic channels but was published on the social media accounts of the Finnish embassies in China, Japan, and South Korea, respectively in three languages. Such operations are not common in diplomatic practice.
What is more interesting is that the statement released in China was in Chinese and came before those in Japan and South Korea. This order of details reflects Finland's realistic assessment of the market's importance.
Orpo clearly stated in his statement: “Racism and discrimination have no place in Finnish society.” But intriguingly, the statement replaced “racial discrimination” with “offensive speech,” a choice of wording that drew criticism from Japanese netizens.
The deeper motivation for the apology can be glimpsed from the Finnish Prime Minister's previous statements. During a summit with neighboring leaders, he acknowledged that this racial discrimination scandal is damaging Finland's national image. And national image is a lifeline for the economy of a small country.
05 From national credibility to cryptocurrency, respect is the cornerstone of value exchange.
As an analyst in the cryptocurrency field, I saw the logic that connects this event to the world of digital assets.
Whether in traditional trade or cryptocurrency transactions, respect is the basis of value exchange. The frivolous behavior of Finnish politicians is essentially a disrespect for their trading partners, resulting in the depreciation of credibility assets.
In the world of blockchain, code is law, and trust is built on algorithms. In international trade, trust is built on mutual respect. Once this respect is broken, the cost of repair is often high.
This lesson from Finland is quite costly. But it is also very intuitive: in the era of globalization, the market is no longer a one-way pipeline, and cultural respect is no longer optional; it has become a prerequisite for entry.
Finland's apology statement was published through the embassy's social media accounts in the local languages, which is essentially a form of “precise push.” This is akin to the precision marketing and community governance we conduct in the cryptocurrency market, requiring a deep understanding of the target audience's culture and psychology.
In the era of digital transformation, the value of intangible assets like national credibility becomes increasingly prominent. The Bank of Finland's Emerging Market Research Institute points out that Finland has a “direct trade dependence” on China.
Similarly, in the cryptocurrency market, value is also built on community consensus and trust. If an asset loses the trust of the community, its value will quickly evaporate.
Finland's apology is a signal that the global standards of civilization are being recalibrated. For those governments or enterprises still fantasizing about surviving by “playing the edges,” it is time to wake up.
In the future, as Asian countries continue to develop, the voice of Asians globally will become stronger, and Western racial prejudices will gradually be broken down. Investors should pay attention to emerging opportunities in this geopolitical and cultural change.
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