Rong Yiren

Rong Yiren
Rong Yiren
Born	Template:Birth date; Wuxi, Jiangsu Province, China
Died	October 26, 2005 (aged 89)
Occupation(s)	Politician, businessman
Known for	Vice President of China (1993–1998), founder of CITIC

Rong Yiren (; May 1, 1916 – October 26, 2005) held the position of Vice President of China between 1993 and 1998 and was instrumental in facilitating Western investment into China's economy. Dubbed "the Red Capitalist," Rong's family was among the select group of Shanghai industrialists from before 1949 who maintained positive ties with the Chinese Communist Party by cooperating with the government of the People's Republic of China.

Early years

Originating from Wuxi near Shanghai in Jiangsu Province, Rong was born into a distinguished industrial family; his father Rong Desheng and uncle Rong Zongjing established prominent flour and cotton milling businesses. He graduated with a degree in history from the Christian-affiliated St. John's University in Shanghai before taking charge of the family enterprises. Following the death of his older brother Paul Yung in a 1948 plane crash near Hong Kong, Rong assumed control over all 24 mills.

After the Chinese Civil War

When the Chinese Civil War concluded and the People's Republic of China was established, Rong opted to stay on the Chinese mainland instead of relocating to Hong Kong or Taiwan. His family continued operating their business until 1956, when private enterprises were fully nationalized; they were compensated with $6 million.

During the 1950s, Mao Zedong commended Rong for his support of the Communist Party. His family contributed significant financial aid and clothing supplies during the Korean War. In 1957, Rong was appointed vice-mayor of Shanghai, and by 1959 he became Vice Minister of Textiles, later serving as an economic advisor to the Chinese Communist Party.

Cultural Revolution period

During the Cultural Revolution, Rong was branded a "capitalist," resulting in considerable personal financial loss and threats from the Red Guards. Like many businesspeople and officials at that time, he was demoted to performing menial tasks such as janitorial work. Nevertheless, he and his family received protection from Zhou Enlai, who arranged for Rong’s residence to be overseen by loyal Red Guards connected to the Ministry of Textiles, thereby shielding him from more severe persecution.

Economic reforms in China

After Mao’s passing and the conclusion of the Cultural Revolution, Deng Xiaoping appointed Rong as an advisor to assist with China's economic liberalization. In 1978, Rong founded the China International Trust and Investment Corp. (CITIC), which became pivotal in attracting early Western investments to China.

During the pro-democracy demonstrations in 1989, Rong took a personal risk by encouraging government officials to engage in dialogue with student protesters. However, one week following the Tiananmen Square Protests of 1989, he characterized the government’s suppression as “extraordinarily wise and correct.”

In 1993, Rong was named vice president, a role that was largely ceremonial in nature.

Later years

Rong stepped down from his professional duties on March 15, 1998, and passed away on October 26, 2005. By the year 2000, he was recognized as one of Asia's wealthiest individuals, with a family net worth estimated at $1.9 billion, a success largely credited to his son Larry Yung's role as chairman of CITIC Pacific.

Death

At the age of 89, Rong succumbed to pneumonia on October 26, 2005. His funeral service was held on November 3, 2005, followed by interment at the Babaoshan Revolutionary Cemetery.

Personal life

In 1937, Rong married Yang Jianqing (). Yang died in Hong Kong on January 8, 2014.