Former vice-president Rong Yiren dies
(Xinhua)
Updated: 2005-10-27 13:58

Rong Yiren. [file]

Former Chinese Vice-President Rong Yiren died of illness in Beijing on Wednesday night. He was 89.

Rong was vice president of the People's Republic of China from 1993 to 1998. He was also vice chairman of the 5th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top advisory body, vice chairman of the Standing Committee of the 6th and 7th National People's Congress (NPC), China's top legislature, and vice chairman of the All-China Federation of Industry and Commerce.

Rong, a promising national capitalist in the 1940s, gained the reputation as a "red capitalist" shortly after New China was founded in 1949. He was chosen as one of the 50 most charismatic business personalities in the world by the American fortnightly magazine Fortune in 1986.

Rong was born to a prestigious family in the country's industrial and commercial circle. Through the hard work of his father Rong Desheng and uncle Rong Zongjing, both pioneers of the country's modern industry and commerce, the Rongs had become a leading family of national capitalism by the 1940s, owning dozens of textile, machinery, printing and dyeing works and flour mills across the country. They were thus referred to as "cotton yarn tycoon" and "flour king" in and out of China.

In 1979, shortly after China launched its reform and opening updrive, then Chinese leader Deng Xiaoping personally put Rong in charge of establishing corporations which can serve as "a window" for the country's opening up to the outside world. Thus, there emerged the China International Trust and Investment Corporation (CITIC), a large transnational corporation with its assets totaling over 51 billion yuan (6.3 billion US dollars) and affiliated enterprises exceeding 200. Rong was chairman of the board of CITIC.

Rong was officially praised as an "outstanding representative of the national industrial and commercial circle in modern China,"a "superb state leader," and a "great fighter for patriotism and communism."