Yuan Geng

袁庚

China Merchants executive who founded the Shekou Industrial Zone, the first experiment in opening

Born in Bao’an County, now part of Shenzhen, he fought the Japanese in the Dongjiang Column from 1939 and, as its liaison chief, passed intelligence on Japanese operations to the US military. After 1949 he was an intelligence officer seconded to Ho Chi Minh in Vietnam, consul in Jakarta and head of security for the delegation at Bandung. Held in Qincheng prison from 1968, he was rehabilitated in 1975 as deputy director of foreign affairs in the Ministry of Communications. In 1978 he proposed using China Merchants in Hong Kong to open the mainland to the world market, and on 31 January 1979 won approval for the Shekou Industrial Zone, where he experimented with merit pay, housing reform, open bidding and local elections. He coined the slogan “time is money, efficiency is life” and founded China Merchants Bank and Ping An Insurance. He died in 2016.

Also known as: Ouyang Rushan

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