By any measure, the Rong family has been the symbol of Chinese entrepreneurship and its experiences a reflection of the mainland's modern embrace of capitalism. A dyed-in-the-wool capitalist, Rong Yiren's father, Rong Desheng, set up business in Wuxi , the capital of old China's textile manufacturing industry, in the eastern province of Jiangsu . The family moved to Shanghai during the 1930s and became the pioneers of the country's industry and commerce, owning dozens of textile, machinery, printing and dyeing works and flour mills across the country. Unlike most of Shanghai's upper crust, Rong Yiren chose to stick around when the communists came to power in 1949, rather than flee to Hong Kong or Taiwan. He gave up the family fortune in the process but was back in business when Deng Xiaoping began market-oriented reforms in the late 1970s. China International Trust and Investment Corp (Citic), set up by Rong Yiren in 1979, was one of the first trust and investment units formed to spearhead economic development. State-owned Citic, directly controlled by the State Council, has been chaired by Wang Jun , son of late former vice-president Wang Zhen , since Rong Yiren stepped down in 1993. Such nepotism is typical on the mainland, where many big state firms are run by 'princelings', as the children of veteran communist leaders are known. There have been persistent rumours that one of former president and party chief Jiang Zemin's sons could take over Citic from Mr Wang. Rong Yiren, sensing it might be less dangerous to make one's fortune in Hong Kong, sent his son, Larry Yung Chi-kin, to the city in 1978 to work in a family-run manufacturing business. In 1986, Mr Yung became managing director of the Hong Kong branch of Citic, now called Citic Pacific, overseeing key investments in Cathay Pacific Airways and Hongkong Telecom. The next year saw his great coup, taking over trading house DCH. As owner of an 18 per cent stake in Citic Pacific, Mr Yung has topped several China rich lists in recent years, with personal wealth of more than US$1 billion. Mr Yung is known for his luxury lifestyle, owning a private jet and a southern English estate that once belonged to former British prime minister Harold Macmillan. He is also a familiar figure at Hong Kong's racecourses and a former Jockey Club steward.