Obituary | Renowned Chinese economist Li Yining’s death comes as his notions on reform still serve as valuable lessons
- Known as ‘Mr Stock Market’ in China, Li Yining mentored some of the Communist Party’s seniormost members, including Premier Li Keqiang
- With positions in China’s top legislative body and top political advisory body from the late 1980s to 2018, Li Yining was involved in most major economic reforms for three decades
Li Yining, an eminent reform economist and mentor of Chinese Premier Li Keqiang, died at the age of 92 on Monday in Beijing, according to Peking University, where he was a long-time professor.
As one of the first in China to introduce the concept of joint-stock company, and to reform state-owned enterprises, Li helped drive the country’s transformation from a planned economy to a market-oriented one. He also contributed to the establishment of China’s stock markets three decades ago, winning him the nickname Li Gufen, or Mr Stock Market.
Li Yining, who laid emphasis on the development of the private economy over the past two decades, is widely acknowledged for his important role in shaping China’s economic policies from the 1980s, as well as for his influence over many students, some of whom later joined the top decision-making circle, including the outgoing premier.
Li Yining’s death came with the world’s second-largest economy at a crossroads – growth has slowed significantly owing to the US trade war and Beijing’s policies during the three-year pandemic, and policymakers are making security and self-reliance major priorities amid deteriorating external relations.
Premier Li Keqiang visited the professor at Peking Union Medical College Hospital in Beijing on Monday morning, hours before he died, according to a person with knowledge of the matter. The professor, who had not made a public appearance in years, was said to have been ill and spent the past two years at the hospital.
