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.mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox vcard"><tbody><tr><th colspan="2" class="infobox-above" style="font-size: 100%;"><div class="fn" style="font-size:125%;">Liu Hongru</div></th></tr><tr><td colspan="2" class="infobox-subheader" style="font-size:125%; font-weight:bold;"><div class="nickname" lang="zh"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style><span class="nobold"><span title="Chinese-language text"><span lang="zh-Hans-CN">刘鸿儒</span></span></span></div></td></tr><tr><td colspan="2" class="infobox-image"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Liu_Hongru.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/4/4f/Liu_Hongru.jpg/220px-Liu_Hongru.jpg" decoding="async" width="220" height="280" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/4/4f/Liu_Hongru.jpg 1.5x" data-file-width="230" data-file-height="293" /></a></span></td></tr><tr><td colspan="2" class="infobox-full-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1257001546" /></td></tr><tr><th colspan="2" class="infobox-header" style="color: #202122; background:lavender;line-height:normal;padding:0.2em;">Chairman of the <a href="/wiki/China_Securities_Regulatory_Commission" title="China Securities Regulatory Commission">China Securities Regulatory Commission</a></th></tr><tr><td colspan="2" class="infobox-full-data" style="border-bottom:none"><span class="nowrap"><b>In office</b></span><br />October 1992 – March 1995</td><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1257001546" /></tr><tr><th scope="row" class="infobox-label" style="text-align:left">Premier</th><td class="infobox-data"><a href="/wiki/Li_Peng" title="Li Peng">Li Peng</a></td></tr><tr><th scope="row" class="infobox-label" style="text-align:left"><span class="nowrap">Preceded by</span></th><td class="infobox-data">Position established</td></tr><tr><th scope="row" class="infobox-label" style="text-align:left"><span class="nowrap">Succeeded by</span></th><td class="infobox-data"><a href="/w/index.php?title=Zhou_Daojing&action=edit&redlink=1" class="new" title="Zhou Daojing (page does not exist)">Zhou Daojing</a></td></tr><tr style="display:none"><td colspan="2"> </td></tr><tr><th colspan="2" class="infobox-header" style="color: #202122; background:lavender">Personal details</th></tr><tr><th scope="row" class="infobox-label">Born</th><td class="infobox-data">1930<span style="display:none"> (<span class="dtstart bday">1930</span>)</span><br /><a href="/wiki/Yushu,_Jilin" title="Yushu, Jilin">Yushu</a>, <a href="/wiki/Jilin" title="Jilin">Jilin</a>, <a href="/wiki/Republic_of_China_(1912-1949)" class="mw-redirect" title="Republic of China (1912-1949)">China</a></td></tr><tr><th scope="row" class="infobox-label">Died</th><td class="infobox-data">March 14, 2025<span style="display:none">(2025-03-14)</span> (aged 94–95)<br /><a href="/wiki/Beijing" title="Beijing">Beijing</a>, China</td></tr><tr><th scope="row" class="infobox-label">Political party</th><td class="infobox-data"><a href="/wiki/Chinese_Communist_Party" title="Chinese Communist Party">Chinese Communist Party</a></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Alma_mater" title="Alma mater">Alma mater</a></th><td class="infobox-data"><a href="/wiki/Moscow_State_University" title="Moscow State University">Moscow State University</a><br /><a href="/wiki/Financial_University_under_the_Government_of_the_Russian_Federation" title="Financial University under the Government of the Russian Federation">Moscow Finance College</a></td></tr><tr><td colspan="2" class="infobox-below" style="border-top: 1px solid right;"><div></div></td></tr></tbody></table> <p><b>Liu Hongru</b> (<a href="/wiki/Chinese_language" title="Chinese language">Chinese</a>: <span lang="zh">刘鸿儒</span>; 1930 – 14 March 2025) was a Chinese government official who played a key role in financial reform in the 1980s and 1990s. From 1979 to 1995, he was successively Vice President of the <a href="/wiki/Agricultural_Bank_of_China" title="Agricultural Bank of China">Agricultural Bank of China</a>, Vice President of the <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a>, Vice Director of the State Commission for Economic Restructuring, and Chairman of the <a href="/wiki/China_Securities_Regulatory_Commission" title="China Securities Regulatory Commission">China Securities Regulatory Commission</a>.<sup id="cite_ref-Reform_1-0" class="reference"><a href="#cite_note-Reform-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> He has been referred to as "one of the architects of the early financial sector" of China, namely the financial system that was shaped by the early phase of <a href="/wiki/Chinese_economic_reform" class="mw-redirect" title="Chinese economic reform">reform and opening-up</a> from the late 1970s to the 1990s.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 193">: 193 </span></sup> He was also instrumental in establishing the <a href="/wiki/PBC_School_of_Finance" title="PBC School of Finance">PBC School of Finance</a>, the graduate school of the People's Bank of China at <a href="/wiki/Tsinghua_University" title="Tsinghua University">Tsinghua University</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 2">: 2 </span></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Life_and_career">Life and career</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liu_Hongru&action=edit&section=1" title="Edit section: Life and career"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Liu Hongru was born in 1930. He joined the Chinese Communist Party in 1948.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Liu studied at <a href="/wiki/Moscow_State_University" title="Moscow State University">Moscow State University</a> in 1955–1957, then obtained a doctorate degree in Money and Banking from <a href="/wiki/Financial_University_under_the_Government_of_the_Russian_Federation" title="Financial University under the Government of the Russian Federation">Moscow Finance College</a> in 1959.<sup id="cite_ref-Walker_5-0" class="reference"><a href="#cite_note-Walker-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>By late 1977, Liu was working in the General Office of the People's Bank of China, which at the time was China's sole financial institution under the Communist <a href="/wiki/Monobank_system" class="mw-redirect" title="Monobank system">monobank system</a>. On 4 October 1979, <a href="/wiki/Deng_Xiaoping" title="Deng Xiaoping">Deng Xiaoping</a> initiated financial sector reform and coined the slogan "banks must be truly turned into banks" during a nonpublic meeting which became rapidly known among policy elites. The slogan referred to the fact that what were called banks under China's Communist system until then did not properly play the role of financial intermediation associated elsewhere with <a href="/wiki/Banking" class="mw-redirect" title="Banking">banking</a>. Liu leveraged that guidance from Deng to work on banking sector modernization. <a href="/wiki/China%27s_Rural_Reform" title="China's Rural Reform">China's Rural Reform</a> was resulting in the sudden development of household deposits, and Liu encouraged the intermediation of these deposits through the banking sector to the (state-controlled) corporate sector as opposed to allocation of funds to enterprises directly by the government under the <a href="/wiki/Five-year_plans_of_China" title="Five-year plans of China">five-year plans</a>. He championed reform to allow banks to lend to state-owned businesses for investment, and not only for <a href="/wiki/Working_capital" title="Working capital">working capital</a> financing as had been the case previously. As Liu put it in a later interview, "Breaking through the scope of working capital loans was a revolutionary change at the time and triggered a great discussion in society about the role of banks."<sup id="cite_ref-Reform_1-1" class="reference"><a href="#cite_note-Reform-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>In March 1979, Liu was instrumental in the re-establishment of the <a href="/wiki/Agricultural_Bank_of_China" title="Agricultural Bank of China">Agricultural Bank of China</a>, following several false starts since 1951 during which an agricultural bank had been founded but soon merged back into the People's Bank (so-called "three rises and three falls" respectively in 1951–1952, 1955–1957, and 1963–1965). Following that breakthrough departure from the monobank system, the authorities followed up with the (re-)establishment of the <a href="/wiki/Bank_of_China" title="Bank of China">Bank of China</a>, <a href="/wiki/People%27s_Construction_Bank" class="mw-redirect" title="People's Construction Bank">People's Construction Bank</a> in August 1979, and <a href="/wiki/People%27s_Insurance_Company_of_China" title="People's Insurance Company of China">People's Insurance Company of China</a> in 1980 as autonomous entities separate from the People's Bank. Liu was also involved in the establishment of <a href="/wiki/CITIC_Group" title="CITIC Group">CITIC Group</a> in mid-1979 as well as urban credit cooperatives. In 1983, the <a href="/wiki/Industrial_and_Commercial_Bank_of_China" title="Industrial and Commercial Bank of China">Industrial and Commercial Bank of China</a> was in turn separated from the People's Bank, and the latter was refocused on <a href="/wiki/Central_bank" title="Central bank">central banking</a> functions. In 1984, the <a href="/wiki/State_Council_of_the_People%27s_Republic_of_China" class="mw-redirect" title="State Council of the People's Republic of China">State Council</a> established a financial reform group, and appointed Liu as its leader. That same year, the budgetary funding of corporate entities, which the development of the banking sector had made increasingly redundant, was eventually phased out. A later cycle of reforms championed by Liu involved the establishment of joint-stock banks such as the <a href="/wiki/Bank_of_Communications" title="Bank of Communications">Bank of Communications</a> in 1986 and <a href="/wiki/China_Merchants_Bank" title="China Merchants Bank">China Merchants Bank</a> in 1987.<sup id="cite_ref-Reform_1-2" class="reference"><a href="#cite_note-Reform-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Beyond the creation of banking and insurance sectors, Liu participated in the establishment of formal <a href="/wiki/Capital_markets" class="mw-redirect" title="Capital markets">capital markets</a> in China. From his position at the People's Bank, he fostered a major conference hosted by the People's Bank in 1986 with participation of U.S. securities industry luminaries, including <a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> Chairman <a href="/wiki/John_J._Phelan_Jr." title="John J. Phelan Jr.">John J. Phelan Jr.</a><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> On that occasion, Deng gave Phelan a stock certificate of a Chinese listed company selected by Liu (Flying Happiness Acoustic Company), making him the first foreigner to formally own corporate equity in China. In 1990, in the reactionary period following the <a href="/wiki/1989_Tiananmen_Square_protests_and_massacre" title="1989 Tiananmen Square protests and massacre">Tiananmen Square events</a>, Liu was asked by the State Council to investigate alleged irregularities on China's fledgling stock exchanges, and concluded that the situation did not justify outright termination of trading activity as some officials had advocated. On a plane ride in November 1990, he had an extended conversation with Party leader <a href="/wiki/Jiang_Zemin" title="Jiang Zemin">Jiang Zemin</a> and convinced him to reject a general punitive approach, opening the way to the formal recognition of the <a href="/wiki/Shanghai_Stock_Exchange" title="Shanghai Stock Exchange">Shanghai Stock Exchange</a> and <a href="/wiki/Shenzhen_Stock_Exchange" title="Shenzhen Stock Exchange">Shenzhen Stock Exchange</a> later in 1990 while stock exchange experiments in other cities were put on hold.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 20">: 20 </span></sup> In 1992, <a href="/wiki/Deng_Xiaoping%27s_southern_tour" title="Deng Xiaoping's southern tour">Deng Xiaoping's southern tour</a> unlocked further explicit recognition of securities markets under the new slogan of <a href="/wiki/Socialist_market_economy" title="Socialist market economy">socialist market economy</a>; Liu was appointed by <a href="/wiki/Vice_Premier_of_the_People%27s_Republic_of_China" class="mw-redirect" title="Vice Premier of the People's Republic of China">Vice Premier</a> <a href="/wiki/Zhu_Rongji" title="Zhu Rongji">Zhu Rongji</a> as the first-ever chairman of the <a href="/wiki/China_Securities_Regulatory_Commission" title="China Securities Regulatory Commission">China Securities Regulatory Commission</a> upon its creation in October 1992,<sup id="cite_ref-Reform_1-3" class="reference"><a href="#cite_note-Reform-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> and held the position until his retirement in March 1995. </p><p>Liu was an Alternate Member of the <a href="/wiki/Central_Committee_of_the_Chinese_Communist_Party" title="Central Committee of the Chinese Communist Party">Central Committee of the Chinese Communist Party</a> from 1982 to 1992.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> He later served in numerous other capacities: Deputy Director of the Economics Committee of the <a href="/wiki/Chinese_People%27s_Political_Consultative_Conference" title="Chinese People's Political Consultative Conference">Chinese People's Political Consultative Conference</a>, Vice President of the China Finance and Banking Society, Vice President of the China National Debt Association, President of the Shanghai Institute of Financial and Legal Studies, President of the Chinese Financial Education Development Foundation and Capital Market Research Institute, Professor at <a href="/wiki/Tsinghua_University" title="Tsinghua University">Tsinghua University</a>, Professor at the <a href="/wiki/City_University_of_Hong_Kong" title="City University of Hong Kong">City University of Hong Kong</a>, and <a href="/wiki/Non-executive_director" title="Non-executive director">non-executive director</a> in a number of listed companies in Hong Kong. The latter included <a href="/wiki/PetroChina" title="PetroChina">PetroChina</a> from December 1999 to May 2014,<sup id="cite_ref-Walker_5-1" class="reference"><a href="#cite_note-Walker-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Titan Petrochemicals Group Limited from October 2002 to February 2006, Oriental Metals (Holdings) Company Limited, Concepta Investments Limited, and <a href="/wiki/CITIC_21CN" class="mw-redirect" title="CITIC 21CN">CITIC 21CN</a> from September 2004 to August 2008.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 24">: 24 </span></sup> </p><p>Liu died on 14 March 2025, at the age of 94.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liu_Hongru&action=edit&section=2" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Yuan_Geng" title="Yuan Geng">Yuan Geng</a></li> <li><a href="/wiki/Wang_Jianxi" title="Wang Jianxi">Wang Jianxi</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liu_Hongru&action=edit&section=3" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-Reform-1"><span 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.id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.reformdata.org/2004/0831/5024.shtml">"邓小平理论与中国金融体制改革——访著名经济学家、中国证监会首任主席刘鸿儒"</a>. <i>reformdata.org</i>. 31 August 2004.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=reformdata.org&rft.atitle=%E9%82%93%E5%B0%8F%E5%B9%B3%E7%90%86%E8%AE%BA%E4%B8%8E%E4%B8%AD%E5%9B%BD%E9%87%91%E8%9E%8D%E4%BD%93%E5%88%B6%E6%94%B9%E9%9D%A9%E2%80%94%E2%80%94%E8%AE%BF%E8%91%97%E5%90%8D%E7%BB%8F%E6%B5%8E%E5%AD%A6%E5%AE%B6%E3%80%81%E4%B8%AD%E5%9B%BD%E8%AF%81%E7%9B%91%E4%BC%9A%E9%A6%96%E4%BB%BB%E4%B8%BB%E5%B8%AD%E5%88%98%E9%B8%BF%E5%84%92&rft.date=2004-08-31&rft_id=http%3A%2F%2Fwww.reformdata.org%2F2004%2F0831%2F5024.shtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMeg_Rithmire2023" class="citation book cs1">Meg Rithmire (2023). <i>Precarious Ties: Business and the State in Authoritarian Asia</i>. 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title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Walker%27s+Research&rft.atitle=Profile+of+Liu+Hongru&rft_id=http%3A%2F%2Fwww.walkersresearch.com%2FProfilepages%2FShow_Executive_Title%2FExecutiveprofile%2FL%2FLiu__Hongru_100009286.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.scmp.com/article/75442/liu-hongru-may-step-down">"Liu Hongru may step down"</a>. <i>South China Morning Post</i>. 24 May 1994.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=South+China+Morning+Post&rft.atitle=Liu+Hongru+may+step+down&rft.date=1994-05-24&rft_id=https%3A%2F%2Fwww.scmp.com%2Farticle%2F75442%2Fliu-hongru-may-step-down&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFDaniel_Southerland1986" class="citation news cs1">Daniel Southerland (14 November 1986). <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/archive/business/1986/11/14/phelan-finds-chinese-very-interested/9e1523ec-29d7-4041-9eed-9bac4fcae07d/">"Phelan Finds Chinese Very Interested: Symposium on Financial Markets Treated Almost as a 'State Event'<span class="cs1-kern-right"></span>"</a>. <i>Washington Post</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Washington+Post&rft.atitle=Phelan+Finds+Chinese+Very+Interested%3A+Symposium+on+Financial+Markets+Treated+Almost+as+a+%27State+Event%27&rft.date=1986-11-14&rft.au=Daniel+Southerland&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Farchive%2Fbusiness%2F1986%2F11%2F14%2Fphelan-finds-chinese-very-interested%2F9e1523ec-29d7-4041-9eed-9bac4fcae07d%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHassanali_Mehran_&_Marc_Quintyn1996" class="citation cs2">Hassanali Mehran & Marc Quintyn (March 1996), <a rel="nofollow" class="external text" href="https://www.imf.org/external/pubs/ft/fandd/1996/03/pdf/mehran.pdf">"Financial Sector Reforms in China"</a> <span class="cs1-format">(PDF)</span>, <i>Finance & Development</i></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Finance+%26+Development&rft.atitle=Financial+Sector+Reforms+in+China&rft.date=1996-03&rft.au=Hassanali+Mehran+%26+Marc+Quintyn&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ffandd%2F1996%2F03%2Fpdf%2Fmehran.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.chinavitae.com/biography/Liu_Hongru/career">"Liu Hongru 刘鸿儒"</a>. <i>China Vitae</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=China+Vitae&rft.atitle=Liu+Hongru+%E5%88%98%E9%B8%BF%E5%84%92&rft_id=https%3A%2F%2Fwww.chinavitae.com%2Fbiography%2FLiu_Hongru%2Fcareer&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://webb-site.com/dbpub/positions.asp?p=12346">"Liu, Hongru 劉鴻儒"</a>. <i>Webb-site Who's Who</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Webb-site+Who%27s+Who&rft.atitle=Liu%2C+Hongru+%E5%8A%89%E9%B4%BB%E5%84%92&rft_id=https%3A%2F%2Fwebb-site.com%2Fdbpub%2Fpositions.asp%3Fp%3D12346&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation cs2"><a rel="nofollow" class="external text" href="https://www1.hkexnews.hk/listedco/listconews/sehk/2005/0718/00241/ewf107.pdf"><i>CITIC 21CN Annual Report 2005</i></a> <span class="cs1-format">(PDF)</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=CITIC+21CN+Annual+Report+2005&rft_id=https%3A%2F%2Fwww1.hkexnews.hk%2Flistedco%2Flistconews%2Fsehk%2F2005%2F0718%2F00241%2Fewf107.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiu+Hongru" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.zaobao.com.sg/realtime/china/story20250314-6018068">中国证监会首任主席刘鸿儒传逝世享年95岁</a> <span class="languageicon">(in Chinese)</span></span> </li> </ol></div></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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