Shanghai’s “Red Capitalist” who co-operated in joint ownership, founder of CITIC and vice-president of China
Born in Wuxi near Shanghai into the Rong family, founders of a flour and cotton milling business, he studied history at St. John’s University and took over all 24 mills after his elder brother died in an air crash in 1948. Unlike most businessmen he stayed on the mainland in 1949 rather than leaving for Hong Kong or Taiwan, and contributed large funds and clothing during the Korean War. His family kept its business until all private firms became state-owned in 1956, and the good treatment he received in return for co-operation earned him the name “the Red Capitalist”. He became vice-mayor of Shanghai in 1957 and vice-minister of textiles in 1959. Persecuted in the Cultural Revolution but protected by Zhou Enlai, he founded the China International Trust and Investment Corporation (CITIC) in 1978 to attract Western investment, and was vice-president of China in 1993–1998.
Also known as: Jung I-jen
Activities and affiliations
-
1948–1956
Industry and production
-
1957–1998
People’s Republic of China state institutionsShanghai vice-mayor, vice-minister of textiles, vice-presidentMain
Government and administration -
1978–
People’s Republic of China state institutionsFounder of CITIC
Economy, finance and planning
Career Timeline
- 1948Took over the Rong family’s 24 mills
- 1949Stayed on the mainland
- 1956Family business taken into state ownership
- 1957Vice-mayor of Shanghai
- 1959Vice-minister of textiles
- 1966Denounced as a “capitalist” in the Cultural Revolution
- 1978Founded CITIC
- 1993–1998Vice-president of China