"I can now see that the words I used have created bad feelings and may even have hurt people. This was not my intention and I would like to apologise for any remark that was not as respectful as it should have been," Oettinger said in a statement.
China voiced its disdain yesterday over his remarks, saying they revealed "a baffling sense of superiority entrenched in some Western politicians".
A video that emerged on YouTube showed Oettinger addressing a German business audience using the words "slitty eyes" and "chiselers" to refer to Chinese people.
In today's statement, he did not refer to any specific remarks and said his intention had been to give Germany a "wake-up call" over China's increasing power and a debilitating political correctness at home which stymied an effective response.
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"I have great respect for the dynamics of the Chinese economy - China is a partner and a tough competitor," he said.
Oettinger also said that remarks about the Belgian region of Wallonia, which held up the signing of a landmark EU-Canada trade deal for several weeks, had been misquoted.
A spokesman for European Commission head Jean-Claude Juncker said the president had talked to Oettinger by phone yesterday and would be talking to him again tomorrow.
"The president would like to have the Commissioner's explanation about what he said... (and how he got to this position) where the statement had to be issued," spokesman Margaritis Schinas said.
Schinas refused to be drawn when asked about Oettinger's future on the Commission, the EU's executive arm which has 28 seats, one for each member state.