Chinese Economist Li Yining

Chinese economist Li Yining (厉以宁) was one of the first in China to suggest that the most urgent task in reforming the Chinese economy lies in the reform of ownership.

Back in the 1980s, policy debates were mainly centered on whether priority should be given to price reform or to the reform of ownership. Li argued strongly for the latter, despite being heavily criticized.

But it was not until the latter half of 1997 that Chinese policymakers realized the importance of ownership reform, and spurred the growth of non-state owned economies.

As writer Liu Yong (刘勇) recalled in his book Media in China (媒体中国, 2000), Li's comments were viewed in the 1980s as "just one of many views put forth by academics", or in other words, theoretical and impractical.

Liu noted that shortly after 1986, Chinese authorities had just passed laws stipulating the number of workers that private firms can employ - "beyond a certain number will be deemed exploitative." Party members who were engaged in private businesses also had to resign from the party, and ditto for those who hold public positions.

Of course, Li's perseverance and steadfast belief in his position meant that he was eventually proven right. He is now one of China's most well-known and best-regarded economist.

He is now professor and dean emeritus at Peking University's (北京大学) Guanghua School of Management (光华管理学院).

Li recently pointed out that the Olympic Games which will be held in Beijing next year will result in a post-Olympic bubble or economic downturn.