,The Red Capitalist's Red Face

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A disastrous derivatives investment has seen Citic Pacific chairman Rong Zhijian lose hundreds of millions of dollars - not to mention his reputationRong Zhijian may well go down in the history books as the last of Chinas "Red Capitalists," a group of pre-revolutionary tycoons who stayed on post-1949. His family owned one of Chinas largest private enterprises before 1949 and his father, Rong Yiren, who served as Chinas vice-president from 1993 to 1998, was hand-picked by Deng Xiaoping to oversee Chinas economic opening and reform during the 1980s.
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