Li Yining (Chinese: 厉以宁; pinyin: Lì Yǐníng; 22 November 1930 – 27 February 2023) was a Chinese economist. He had been a leading voice for the privatization of state-owned companies, and his advocacy led to the establishment of China's stock markets in 1990. For this reason, he is nicknamed "Li Gufen" (Stock Li), while Wu Jinglian is known as Wu Shichang (Market Wu). Along with Yu Guangyuan and Wu Jinglian, Li was credited with providing the theoretical basis for the market-oriented reform that has propelled China's economic growth.[2]
Li Yining was born 22 November 1930 in Nanjing, Jiangsu province, but is considered a native of his ancestral homeYizheng by Chinese convention.[1][5] He was raised in Shanghai and Hunan province.[6] In 1951, he entered the Economics Department of Peking University, where he studied under prominent economists such as Chen Daisun (陈岱孙) and Luo Zhiru (罗志如), and was hired as a faculty member after graduating in 1955.[1] However, only two years later he was labeled as a "rightist" when Mao Zedong launched the Anti-Rightist Movement,[2] and during the Cultural Revolution (1966–76) he was again persecuted for his ideas and banished to a rural village where he performed manual labour for six years.[6]
Reform era
After his political rehabilitation in 1978, Li Yining became a bold proponent of Deng Xiaoping's fledgling policy of economic reform. He insisted that the key first step of reform should be to privatize state-owned companies by introducing a shareholding system.[2] However, the prevailing opinion among the reformers at the time was to first loosen price control. Li Yining unsuccessfully argued that ownership reform would initiate accountability for profits or losses and create a driving force for development, whereas price reform would only create a competitive environment for companies. For this theory he became known as "Mr. Stock Market Li".[2][6] Li's vocal advocacy for the reform of state ownership, the bedrock of China's socialism, was supported by Yu Guangyuan 于光远 and Dong Furen 董辅礽, but met strong resistance from conservatives and exposed himself to significant political risk. In 1983 and 1984, his ideas were attacked as spiritual pollution and he could not have his articles published; in early 1987 he was again criticized in a campaign against "bourgeois liberalization".[6]
Li Yining's theory was vindicated in 1988, when premature price liberalization resulted in severe inflation and social instability that endangered the entire reform process.[2] In the early 1990s, the shareholding system that Li had been advocating was implemented by the central government of China. Shanghai Stock Exchange and Shenzhen Stock Exchange were established in 1990, and many state-owned companies have since become publicly traded.[1] Li's economic theory is believed to be an important contribution to China's stunning economic growth that ensued. In 2004 Li was awarded the Academic Prize of the Fukuoka Asian Culture Prize by the Japanese city of Fukuoka,[2] and in 2009 he was awarded a prize for innovation in economic theory by the Chinese government.[1]
Academics
Li Yining has spent his entire academic career at his alma mater Peking University. He formerly served as the dean of the Guanghua School of Management, the university's business school, and later was professor and dean emeritus of the school.[7] In the late 1980s and early 1990s, he was the doctoral advisor of Li Keqiang and the advisor for the master thesis of Li Yuanchao. They co-authored the book Strategic Choices for Prosperity (走向繁荣的战略选择). In 2013 Li Keqiang became the Premier of China and Li Yuanchao became the Vice President.[3] His other students include Lu Hao, Governor of Heilongjiang province and a former Vice Mayor of Beijing, Meng Xiaosu, CEO of China Real Estate Development Group, and Gong Fangxiong, CEO of JPMorgan Chase Bank China Region.[3]
Major publications
Economics of Education, 1984
System, Objective, and Human: Challenges Faced by Economics, 1986
Political Economy of Socialism, 1986
Management of the National Economy, 1988 (revised 1998)
Ideas on China's Economic Reform, 1989
Disequilibrium of Chinese Economy, 1990 (reprinted 1998)
China's Economic Reform and Share-holding System, 1992
Share-holding System and Modern Market Economy, 1994
Development Theory of Transformation, 1996
Transcending Market and Transcending Government: The Role of Moral Power in Economy, 1999
The Origin of Capitalism: Comparative Studies of Economic History, 2003
Li Yining's Collection of Lectures at Peking University, 2003
The Strategic Choice for China's Prosperity (English version), 2018, with Meng Xiaosu, Li Yuanchao and Li Keqiang. Translated from Chinese by Shi Guangjun and Jiang Hongxing. ISBN9789811181504.
^厉以宁 [Li Yining]. Phoenix TV (in Chinese). Retrieved 2014-01-30.
^ abcdNicholas Kristof (1989-01-08). "'MR. STOCK MARKET': Li Yining; Selling China on a 'Public' Privatization". New York Times. Retrieved 2014-01-30.
^"Li Yining". Peking University. Archived from the original on 2014-01-31. Retrieved 2014-01-30.
^(PDF). Fukuoka Prize. Archived from the original (PDF) on 2 February 2014. Retrieved 30 January 2014.
March 01, 2023
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In this Chinese name the family name is Li Li Yining Chinese 厉以宁 pinyin Li Yǐning 22 November 1930 27 February 2023 was a Chinese economist He had been a leading voice for the privatization of state owned companies and his advocacy led to the establishment of China s stock markets in 1990 For this reason he is nicknamed Li Gufen Stock Li while Wu Jinglian is known as Wu Shichang Market Wu Along with Yu Guangyuan and Wu Jinglian Li was credited with providing the theoretical basis for the market oriented reform that has propelled China s economic growth 2 Li Yining厉以宁Born 1930 11 22 22 November 1930Nanjing Jiangsu ChinaDied27 February 2023 2023 02 27 aged 92 Beijing ChinaAlma materPeking UniversitySpouseHe Yuchun 何玉春 m 1958 wbr 1 AwardsFukuoka Asian Culture Prize 2004 Sun Yefang Economics PrizeScientific careerFieldsEconomicsInstitutionsGuanghua School of Management Peking UniversityNotable studentsLi Keqiang Li Yuanchao Lu HaoLi was a long time professor at Peking University and founding dean of the Guanghua School of Management Amongst his former students were Chinese Premier Li Keqiang and Vice President Li Yuanchao 3 In 2004 Li Yining was awarded the Fukuoka Asian Culture Prize of Japan 2 Li died in Beijing on 27 February 2023 at the age of 92 4 Contents 1 Early life 2 Reform era 3 Academics 4 Major publications 5 ReferencesEarly life EditLi Yining was born 22 November 1930 in Nanjing Jiangsu province but is considered a native of his ancestral home Yizheng by Chinese convention 1 5 He was raised in Shanghai and Hunan province 6 In 1951 he entered the Economics Department of Peking University where he studied under prominent economists such as Chen Daisun 陈岱孙 and Luo Zhiru 罗志如 and was hired as a faculty member after graduating in 1955 1 However only two years later he was labeled as a rightist when Mao Zedong launched the Anti Rightist Movement 2 and during the Cultural Revolution 1966 76 he was again persecuted for his ideas and banished to a rural village where he performed manual labour for six years 6 Reform era EditAfter his political rehabilitation in 1978 Li Yining became a bold proponent of Deng Xiaoping s fledgling policy of economic reform He insisted that the key first step of reform should be to privatize state owned companies by introducing a shareholding system 2 However the prevailing opinion among the reformers at the time was to first loosen price control Li Yining unsuccessfully argued that ownership reform would initiate accountability for profits or losses and create a driving force for development whereas price reform would only create a competitive environment for companies For this theory he became known as Mr Stock Market Li 2 6 Li s vocal advocacy for the reform of state ownership the bedrock of China s socialism was supported by Yu Guangyuan 于光远 and Dong Furen 董辅礽 but met strong resistance from conservatives and exposed himself to significant political risk In 1983 and 1984 his ideas were attacked as spiritual pollution and he could not have his articles published in early 1987 he was again criticized in a campaign against bourgeois liberalization 6 Li Yining s theory was vindicated in 1988 when premature price liberalization resulted in severe inflation and social instability that endangered the entire reform process 2 In the early 1990s the shareholding system that Li had been advocating was implemented by the central government of China Shanghai Stock Exchange and Shenzhen Stock Exchange were established in 1990 and many state owned companies have since become publicly traded 1 Li s economic theory is believed to be an important contribution to China s stunning economic growth that ensued In 2004 Li was awarded the Academic Prize of the Fukuoka Asian Culture Prize by the Japanese city of Fukuoka 2 and in 2009 he was awarded a prize for innovation in economic theory by the Chinese government 1 Academics EditLi Yining has spent his entire academic career at his alma mater Peking University He formerly served as the dean of the Guanghua School of Management the university s business school and later was professor and dean emeritus of the school 7 In the late 1980s and early 1990s he was the doctoral advisor of Li Keqiang and the advisor for the master thesis of Li Yuanchao They co authored the book Strategic Choices for Prosperity 走向繁荣的战略选择 In 2013 Li Keqiang became the Premier of China and Li Yuanchao became the Vice President 3 His other students include Lu Hao Governor of Heilongjiang province and a former Vice Mayor of Beijing Meng Xiaosu CEO of China Real Estate Development Group and Gong Fangxiong CEO of JPMorgan Chase Bank China Region 3 Major publications EditEconomics of Education 1984 System Objective and Human Challenges Faced by Economics 1986 Political Economy of Socialism 1986 Management of the National Economy 1988 revised 1998 Ideas on China s Economic Reform 1989 Disequilibrium of Chinese Economy 1990 reprinted 1998 China s Economic Reform and Share holding System 1992 Share holding System and Modern Market Economy 1994 Development Theory of Transformation 1996 Transcending Market and Transcending Government The Role of Moral Power in Economy 1999 The Origin of Capitalism Comparative Studies of Economic History 2003 Li Yining s Collection of Lectures at Peking University 2003 The Strategic Choice for China s Prosperity English version 2018 with Meng Xiaosu Li Yuanchao and Li Keqiang Translated from Chinese by Shi Guangjun and Jiang Hongxing ISBN 9789811181504 Source Fukuoka Prize 8 References Edit a b c d e 人民日报解码厉以宁 学生任政府重要领导职务 Sina in Chinese 2013 04 12 Retrieved 2014 01 30 a b c d e f g Li Yining Fukuoka Asian Culture Prize Retrieved 2014 01 30 a b c 总理恩师厉以宁 Li Yining teacher of the premier in Chinese Sohu Retrieved 2014 01 30 著名经济学家厉以宁逝世 提出股份制改革理论深远影响中国经济改革发展 in Chinese 厉以宁 Li Yining Phoenix TV in Chinese Retrieved 2014 01 30 a b c d Nicholas Kristof 1989 01 08 MR STOCK MARKET Li Yining Selling China on a Public Privatization New York Times Retrieved 2014 01 30 Li Yining Peking University Archived from the original on 2014 01 31 Retrieved 2014 01 30 Li Yining CV PDF Fukuoka Prize Archived from the original PDF on 2 February 2014 Retrieved 30 January 2014 Retrieved from https en wikipedia org w index php title Li Yining amp oldid 1142222786, wikipedia, wiki, book, books, library,
