Early Life and Business Legacy

Rong Yiren (Chinese: 荣毅仁; May 1, 1916 – October 26, 2005) was born in Wuxi, Jiangsu Province, into one of China’s wealthiest industrialist families. His father, Rong Desheng, and uncle, Rong Zongjing, built a powerful business empire in flour milling, textiles, and banking. After graduating from St. John’s University, Shanghai, Rong took over the family’s 24 mills following his elder brother’s death.

Choosing to Stay in China After 1949

When the People’s Republic of China was founded in 1949, many wealthy entrepreneurs left the country. Rong made a historic decision to remain. In 1956, he transferred his enterprises to state ownership under the socialist transformation policy. The government compensated him and appointed him Vice Mayor of Shanghai in 1957 and Vice Minister of Textiles in 1959, integrating him into China’s new political structure.

Cultural Revolution Challenges

During the Cultural Revolution (1966–1976), Rong faced political persecution due to his capitalist background. Red Guards confiscated his property and demoted him to janitorial work. However, Premier Zhou Enlai intervened to protect him, allowing him to survive the political turmoil.

Driving China’s Economic Reform

After Mao Zedong’s death, Deng Xiaoping enlisted Rong to support China’s modernization. In 1979, Rong founded the China International Trust and Investment Corporation (CITIC), a state-owned enterprise that became central to attracting foreign investment, technology, and expertise. CITIC facilitated joint ventures, infrastructure development, and industrial modernization, making Rong a key architect of China’s reform and opening-up policy.

Vice Presidency and Global Influence

In 1993, Rong Yiren became Vice President of the People’s Republic of China under President Jiang Zemin, serving until 1998. He actively promoted international investment, supported economic reforms, and enhanced China’s global economic profile. His leadership cemented his reputation as both a political statesman and a visionary businessman.

Legacy and Recognition

By 2000, Forbes ranked Rong as China’s richest individual with an estimated net worth of US $1.9 billion. His son, Larry Yung (Rong Zhijian), later led CITIC Pacific in Hong Kong. Rong died on October 26, 2005, in Beijing at age 89.