Li Yining

Peking University, Februray 28, 2023: Li Yining, a renowned Chinese economist and honorary dean of the Guanghua School of Management at Peking University (PKU), passed away at 7:31 p.m. on February 27, 2023, in Beijing at the age of 92, according to a statement by the University. Li, also a senior professor at PKU, was widely recognized for his role in the reforms of China’s state-owned enterprises and the establishment of China’s stock market.

Li was born in Nanjing, East China’s Jiangsu Province, on November 22, 1930, and graduated from Peking University in 1955 with a bachelor's degree in economics. He continued to teach at Peking University throughout his career and held prominent positions at various government bodies, including the National People's Congress and the National Committee of the Chinese People's Political Consultative Conference.

In 2018, at the grand gathering celebrating the 40th anniversary of China's reform and opening-up, Li was awarded the honorary title of "Pioneer of China's Reform and Opening-up."

Li Yining at Peking University in 1956

Li’s research objectives were gradually clarified with the help of his teachers at PKU, which were to explore the laws of modern economics and serve the people of his motherland. Upon graduation, he worked at PKU’s Department of Economics for 20 years as a compiler. “This period was the second stage for my knowledge accumulation, and it further enriched what I had learned in class and broadened my horizons,” Li later recalled.

Years of accumulation had also come into play in his teaching career. Rich in content and irregular in form, his lectures were well recieved among students because he seldomly relied on lecture notes and always got straight to the point during the class. “He paid special attention to the logic which greatly helped the students to analyze specific problems from a larger picture,” Wu Jiajun, a graduate student (class of 1996), recalls, “It was a pleasure to read the works of Li and listen to his voice.” 

Prof. Hao Ping, chair of the Peking University Council, still remembers the lecture on world economic history and the history of economic theories taught by Li, at which Li always answered his questions with enthusiasm and patience, forming a deep bond with many students. Hao Ping wrote that Li was not only a witness, participant, and advocate for China’s reform and opening-up, but also an important figure in promoting China’s economic reform theories. 


Peking University President Gong Qihuang recounts Professor Li as a greatly esteemed scholar, who devoted the entirety of his education career to Peking University. 

“Throughout his long teaching career that spanned over six decades, Professor Li had prioritized cultivating talents who would become pillars of society,” says President Gong, “As a researcher, he was a truth-seeker who deeply understood our country. His insightful findings and theories on economic reforms, including advocating for the system of shareholders, have had a significant impact on the Chinese socialist market economy.” 

“His passing is a great loss to Peking University, as well as China’s academia in economics,” Gong highlights, “We ought to set Professor Li as our model. Carrying on his legacy, we should strive to continue cultivating national talents, promote values of patriotism, progress, democracy, and science, and nurture perseverance, practicality, and innovation in research.”


In the eyes of Professor Wu Zhipan, former executive vice president of Peking University and dean of Guanghua School of Management, Professor Li is not only an academic, a thinker, and a theorist, but more fundamentally a poet and educator. 

“As one of the pioneers in China’s reform and opening-up policy, Professor Li has laid the foundations for academic research in various fields, while guiding the way for many businesses,” Wu says, “He is the epitome of what PKUers should be: understanding fully our historical mission and societal responsibility, in the meantime possessing courage and keeping abreast with times.” “Professor Li is a role model for all PKUers.” 

During his lifetime, Professor Li composed poetry and prose amounting to hundreds of works, reflecting his passion for life. Apart from his academic contributions, his devotion to the people’s well-being was well-expressed in his writings.


When he was a student at Peking University, Li had never imagined how his life would unfold. Yet, he remembered his purpose as a PKUer and economist – to serve the people and research in the field of economics had been his drive for decades of hard and fruitful work. “A path is formed as people have crossed; knowledge is acquired as people study. I will not forget my college years, nor the PK School of Economics that has nurtured me!” he wrote in notes for one of his poems.

“Always look far and beyond, be vigilant in times of peace. Dare to change and innovate, don’t stay stagnant and rigid. Be brave to lead the reforms of your time,” he once told PKU students.

To our beloved Professor Li, we will forever remember your teachings. You will be in our hearts always.

Written by: Fu Jiaqi, Brenda Cheong
Edited by: Meng Bin
Source: PKU News (Chinese), Guanghua School of Management