Taipei, Hu Sheng-cheng (???), chairman of the Chung-Hua Institution for Economic Research (CIER, ???????), died after a long illness on Tuesday at the age of 78.
Hu came down with a serious gastrointestinal ailment in 2016 that caused his health to deteriorate quickly. During a meeting at the Presidential Office in April 2017, he passed out and was rushed to Mackay Memorial Hospital.
President Tsai Ing-wen (???) expressed her condolences after learning of Hu's death, calling it a great loss to the nation. Tsai also sent a letter of sympathy to Hu's wife.
The Presidential Office said Hu made great contributions to Taiwan's macroeconomic development.
Born and raised in Yilan, Hu distinguished himself in the field of economics at home and abroad. He earned a bachelor's degree in economics from National Taiwan University in 1962 and a master's and Ph.D. in economics from the University of Rochester in 1967 and 1970, respectively.
His fields of expertise were macroeconomics, public economics and economic growth theory.
After teaching economics in the United States for nearly three decades, Hu returned to Taiwan in 1996 to serve as director of the Institute of Economics at Academia Sinica, Taiwan's most prestigious research institution.
In 2000, he was elected an academician at Academia Sinica, the highest academic honor in Taiwan.
Hu was a member of the board of directors of the Central Bank in 2000 and 2001 after the Democratic Progressive Party (DPP) took power for the first time in 2000 and then served in the Cabinet as a minister without portfolio.
He led the Council for Economic Planning and Development from 2004 to 2007 and the Financial Supervisory Commission from 2007 to 2008.
An economist who was heavily relied on by the DPP, Hu was appointed to head the Chung-Hua Institution for Economic Research in August 2016 after the DPP regained power in May that year.
Source: Focus Taiwan News Channel