Rong Yiren

In thisChinese name,thefamily nameisRong.

Rong Yiren
Vinh nghị nhân
Rong Yiren in 1949
Vice President of China
In office March 12, 1993 – March 15, 1998
President	Jiang Zemin
Preceded by	Wang Zhen
Succeeded by	Hu Jintao
Personal details
Born	(1916-05-01)May 1, 1916 Wuxi,Jiangsu,Republic of China
Died	October 26, 2005(2005-10-26)(aged 89) Beijing,China
Political party	Chinese Communist Party China Democratic National Construction Association
Spouse	Yang Jianqing ​ (m.1937)​
Children	4
Alma mater	St. John's University, Shanghai

Rong Yiren
Traditional Chinese	VinhNghịNhân
Simplified Chinese	VinhNghịNhân
Transcriptions Standard Mandarin Hanyu Pinyin Róng Yìrén Wade–Giles Jung I-jen

Rong Yiren(Chinese:Vinh nghị nhân;Wade–Giles:Jung I-jen;May 1, 1916 – October 26, 2005)was theVice President of Chinafrom 1993 to 1998 and was heavily involved with the opening of the Chinese economy to western investment. Rong is known both in China and in theWestern worldas "the Red Capitalist" because his family were some of the fewpre-1949industrialists in Shanghai to have been treated well by theChinese Communist Partyin return for their co-operation with the government of thePeople's Republic of China.

Biography

Early life

Rong Yiren and wife Yang Jianqing, 1937.

Rong was born on May 1, 1916, inWuxi,a city nearShanghaiin Jiangsu Province.His fatherRong Deshengand uncleRong Zongjingwere the founders and operators of aflourandcotton millingbusiness. He graduated with a degree in history from the Christian-runSt. John's University.Then he was assigned to manage a part of the family business and he took over the running of all 24 mills upon the death of his elder brother Paul Yung (Rong Yixin) in an air crash onBasalt Island,Hong Kong,on 21 December 1948.

Post Chinese Civil War

At the end of theChinese Civil Warand the founding of the People's Republic of China, Rong chose to stay on theChinese mainlandinstead of fleeing toHong KongorTaiwanas most businessmen did. His family was allowed to keep their business until 1956, when all private businesses became state-owned. His family was given $6 million in compensation.

In the 1950s, Mao Zedong endorsed him many times for his contributions to the Communist Party. When Korean hostilities broke out, Rong's family contributed substantial amounts of funding along with considerable clothing. He was appointed the vice-mayor ofShanghaiin 1957 and Vice Minister of Textiles concurrently since 1959,later served as aneconomicsadviser for theChinese Communist Party.

Cultural Revolution

During theCultural Revolution,he was denounced as a "capitalist". He lost a great deal of his personal wealth and was the target ofdeath threatsfrom theRed Guards,radical youth organizations aligned with the new social and cultural policies ofMao Zedong.In a situation typical of disgraced government officials, entrepreneurs and intellectuals during the Cultural Revolution, Rong was given a demeaning job as ajanitor.However, he and his family received protection fromZhou Enlaifrom persecution from the Red Guards. As Rong was not a Communist party member at the time, Zhou was not able to obtain approval from Mao Zedong to protect Rong officially. Instead, Zhou coordinated withChen Jinhuato place Rong's mansion under the control of Red Guards affiliated with the Ministry of Textiles, who were deeply sympathetic to him and protected him from other Red Guard factions.

Chinese economic reformation

After the death of Mao Zedong and the end of Cultural Revolution,Deng Xiaopingappointed Rong as an advisor for theeconomic opening of China.He set up theChina International Trust and Investment Corp.,or CITIC, in 1978, which was responsible for much of the initial western investment in China.

At the height of the pro-democracy movement in 1989, he risked his life by asking the top Chinese leaders to negotiate with the students. A week after theTiananmen Square Protests of 1989,he called the crackdown “extraordinarily wise and correct.”

He was appointed to the ceremonial post of vice president in 1993.

Later life

Rong retired on March 15, 1998, and died on October 26, 2005.He was listed as one of the richest men in Asia, with a family fortune of $1.9 billion in 2000 (equivalent to $3 billion in 2023). Most of this wealth can be attributed to Rong's sonLarry Yungin his role aschairofCITIC Pacific.

Although regarded as a non-Communist during his lifetime, he was a member of Chinese Communist Party since 1985, according to his official obituary in Chinese; yet owing to his request that his membership be unveiled only after his death, almost nobody knew about his status as a communist even after his vice presidency.

Life and death

He died ofpneumoniaon October 26, 2005, at the age of 89. His funeral was held on November 3, 2005, and he was interred atOverseas Chinese Cemetery.Hiswifedied seven years later and was buried next to him. Less than two years after his death, his friendBo Yibodiedon January 15, 2007.

Personal life

In 1988 Rong requested Deng to inscribe "Chinese:Giới khi thất"(translated:" Admonish Deception Room ") on a plaque to be hung at his sitting room.To avoid using deception as a merchant was his father's motto. This scene is portrayed in dramaDeng Xiaoping at History's Crossroads.

He marriedYang Jianqing(Chinese:Dương giam thanh) in 1937. Yang died on January 8, 2014, inHong Kong.His daughter-in-law Catherine Yam Yung is the cousin of Juliana Yam.