Richard Hu

{{Infobox officeholder

| name = Richard Hu

| native_name = {{nobold|胡赐道}}

| native_name_lang = zh-sg

| office = Minister for Finance

| image = Richard Hu Tsu Tau.png

| image_size =

| caption = Hu in 1997

| predecessor = Tony Tan

| primeminister = {{ubl|Lee Kuan Yew|Goh Chok Tong}}

| successor = Lee Hsien Loong

| termend = 9 November 2001

| termstart = 7 May 1985

| office2 = Chairman of the Monetary Authority of Singapore

| primeminister2 = {{ubl|Lee Kuan Yew |Goh Chok Tong}}

| term_start2 = January 1985

| term_end2 = December 1997

| predecessor2 = Goh Keng Swee

| successor2 = Lee Hsien Loong

| office3 = Minister for Health

| predecessor3 = Tony Tan

| primeminister3 = Lee Kuan Yew

| successor3 = Yeo Cheow Tong

| termend3 = 31 December 1986

| termstart3 = 7 May 1985

| constituency_MP4 = Kreta Ayer–Tanglin GRC {{nobold|(Kreta Ayer)}}

| parliament4 = Singapore

| term_start4 = 2 January 1997

| term_end4 = 18 October 2001

| predecessor4 = Himself (Kreta Ayer SMC)

| successor4 = Constituency abolished

| constituency_MP5 = Kreta Ayer SMC

| parliament5 = Singapore

| term_start5 = 22 December 1984

| term_end5 = 16 December 1996

| predecessor5 = Goh Keng Swee

| successor5 = Himself (Kreta Ayer–Tanglin GRC – Kreta Ayer)

| birth_name = Hu Tsu Tau

| birth_date = {{Birth date|1926|10|30|df=y}}

| birth_place = Singapore, Straits Settlements, British Malaya

| death_date = {{Death date and age|2023|09|08|1926|10|30|df=y}}

| death_place = Singapore{{fact|date=September 2023}}{{cite news |last1=Tan |first1=Felicia |title=Former finance minister Richard Hu dies at 96 |url=https://www.theedgesingapore.com/news/singapore/former-finance-minister-richard-hu-dies-96 |access-date=8 September 2023}}

| death_cause =

| resting_place =

| party = People's Action Party

| other_names =

| known_for =

| education =

| alma_mater = {{ubl|University of California, Berkeley (BS)|University of Birmingham (PhD)}}

| employer =

| occupation =

| religion =

| spouse = Irene Tan Dee Leng

| children = 2

| father = {{ill|v=ib|Hu Tsai Kuen|zh|胡载坤}}

| relatives =

| module = {{Infobox Chinese|s=胡赐道|p=Hú Cìdào|t=胡賜道|poj=Hô͘ Sù-tǎu|child=yes}}

}}

Richard Hu Tsu Tau ({{lang-zh|s=胡赐道}}; 30 October 1926 – 8 September 2023) was a Singaporean politician who served as Minister for Finance between 1985 and 2001. A member of the governing People's Action Party (PAP), he was the Member of Parliament (MP) for Kreta Ayer SMC between 1984 and 1997, and Kreta Ayer–Tanglin GRC between 1997 and 2001. Hu was Singapore's longest-serving finance minister and gave a record number of 16 Budget speeches. He served as chairman of the Monetary Authority of Singapore between 1985 and 1997.

Early life and education

Hu was born in Singapore to {{ill|Hu Tsai Kuen|zh|胡载坤}}, a physician,{{Cite web |last1=Tay |first1=Hwee Peng |last2=Chew |first2=Hui Min |date=4 March 2016 |title=Heng Swee Keat to present Budget 2016: Who were the finance ministers before him? {{!}} The Straits Times |url=https://www.straitstimes.com/singapore/heng-swee-keat-to-present-budget-2016-who-were-the-finance-ministers-before-him |access-date=8 December 2022 |website=www.straitstimes.com |language=en}} and Margaret Kwan Fu Shing. Through his father, he was related to the Singaporean American author Kevin Kwan.{{Cite news|url=https://www.straitstimes.com/lifestyle/arts/im-no-crazy-rich-asian-says-author-kevin-kwan|title='I'm no crazy rich Asian', says author Kevin Kwan|last=Ho|first=Olivia|newspaper=The Straits Times |date=May 14, 2017 |access-date=May 24, 2020}}

He was educated at the Anglo-Chinese School before graduating from the University of California, Berkeley, in 1952 with a Bachelor of Science degree in chemistry. He subsequently went on to complete a PhD in chemical engineering at the University of Birmingham.{{cite web|url=http://www.straitstimes.com/the-big-story/budget-2015/story/50-years-the-budget-singapores-finance-ministers-independence-201502|title=Heng Swee Keat to present Budget 2016: Who were the finance ministers before him?|website=Straitstimes.com|date=4 March 2016|access-date=26 September 2017}}

Career

Hu joined the Royal Dutch Shell Group of Companies in 1960 and rose to the position of chairman and chief executive in Singapore, where he served from 1977 to 1983.{{cite web |title=Management Team {{!}} Barghest Building Performance |url=http://bbp.sg/management-team |access-date=5 December 2015 |archive-url=https://web.archive.org/web/20140426093533/http://www.bbp.sg/management-team/ |archive-date=26 April 2014 |url-status=dead }} In 1983, Hu was appointed managing director of the Monetary Authority of Singapore (MAS) and Government of Singapore Investment Corporation (GIC), where he served until 1984 concurrently.{{Cite news |date=8 September 2023 |title=Richard Hu, S'pore's longest-serving finance minister, dies at 96 |language=en |work=The Straits Times |url=https://www.straitstimes.com/singapore/richard-hu-s-pore-s-longest-serving-finance-minister-dies-aged-96 |access-date=10 September 2023 |issn=0585-3923}} He was chairman of the Monetary Authority of Singapore from 1985 to 1997.{{cite web|url=https://www.mas.gov.sg/who-we-are/Our-History|title=Our History|website=Mas.gov.sg}}

Hu made his political debut in the 1984 general election as a People's Action Party (PAP) candidate contesting in Kreta Ayer SMC and won.{{cite web|title=Official Reports|url=http://sprs.parl.gov.sg/search/report.jsp?currentPubID=00069525-ZZ|publisher=Parliament of Singapore|access-date=5 December 2015|archive-url=https://web.archive.org/web/20160304104141/http://sprs.parl.gov.sg/search/report.jsp?currentPubID=00069525-ZZ|archive-date=4 March 2016|url-status=dead}} He was later appointed Minister for Health in 1985, where he served until 1987. He was also Minister for Finance from 1985 to 2001.{{cite news|last1=Tesoro|first1=Jose Manuel|title=SINGAPORE Keeping Up the Pace|url=http://edition.cnn.com/ASIANOW/asiaweek/96/0503/feat1.html|archive-url=https://web.archive.org/web/20151208215431/http://edition.cnn.com/ASIANOW/asiaweek/96/0503/feat1.html|url-status=dead|archive-date=8 December 2015|access-date=5 December 2015|publisher=Asiaweek}}{{Cite web|url=https://www.mof.gov.sg/who-we-are/finance-minister-bios|title=Finance Minister Bios|website=Mof.gov|access-date=18 July 2022}} He had also briefly served as Minister for National Development from 1992 to 1993.

As Minister for Finance, Hu was known for his signature on the 'Ship' series of legal tender notes issued after his appointment.{{cite web|title=Note Facts|url=http://www.singaporemint.com/fact_note_ship.php|website=The Singapore Mint|access-date=5 December 2015|url-status=dead|archive-url=https://web.archive.org/web/20151208143351/http://www.singaporemint.com/fact_note_ship.php|archive-date=8 December 2015}} He introduced the Goods and Services Tax (GST) in 1993. As part of deregulation and reform of its financial and banking sectors, Hu oversaw the privatisation of the government-linked Post Office Savings Bank (POSB) and the sale of POSB to the Development Bank of Singapore (DBS) in 1998.{{cite web|title=National Archives of Singapore|url=http://www.nas.gov.sg/archivesonline/speeches/search-result?search-type=advanced&speaker=Richard%20Hu%20Tsu%20Tau|website=Nas.gov.sg|access-date=5 December 2015}}

On 13 April 2004, Hu was appointed CapitaLand's chairman of the board, where he served until his retirement in 2012.{{cite web|title=CapitaLand chairman Richard Hu to step down|url=http://www.btinvest.com.sg/property/local/capitaland-chairman-richard-hu-to-step-down/|website=Btinvest.com.sg|access-date=10 June 2015}} He was also chairman of GIC Real Estate Pte Ltd{{cite web|title=Richard Hu Tsu Tau Ph.D.| website=Bloomberg News |url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=37343405&privcapId=796830&previousCapId=23197&previousTitle=Sutter%20Hill%20Ventures|access-date=5 December 2015}} and Asia Financial Holdings Pte Ltd, and director of the Government of Singapore Investment Corporation (GIC){{cite web|last1=Lee|first1=Meixian|title=Richard Hu to retire from GIC board|url=http://forums.condosingapore.com/showthread.php/15513-Richard-Hu-to-retire-from-GIC-board|website=Forums.condosingapore.com|access-date=5 December 2015}} and Buildfolio.Com.Inc. Hu served as the chancellor of the Singapore Management University from July 2002 to August 2010.{{cite web |title=31 August 2010 |url=http://www.smu.edu.sg/news_room/press_releases/2010/20100831.asp |url-status=live |archive-url=https://web.archive.org/web/20100906170034/http://www.smu.edu.sg/news_room/press_releases/2010/20100831.asp |archive-date=6 September 2010 |access-date=20 November 2012 |publisher=Smu.edu.sg}} Hu retired from GIC in 2012.{{Cite news |last=Lee |first=Meixian |date=2 November 2012 |title=Richard Hu to retire from GIC board |pages=22 |work=The Straits Times}} In 2013, he was appointed senior advisor of the Fraser and Neave board.{{cite news|title=F&N: Appoints Dr. Richard Hu As Senior Adviser To The Board.|url=http://www.btinvest.com.sg/markets/news/60032.html?source=si_news|access-date=5 December 2015|agency=Business Times|publisher=Singapore Press Holdings Ltd.|date=3 April 2013}}

Personal life

Hu was married to Irene Tan Dee Leng,{{Cite book |url=https://www.worldcat.org/oclc/62782476 |title=Who's who in Singapore, 2006 |date=2006 |publisher=Who's Who Pub |others=Kar Tiang Low, Who's Who Publishing |isbn=981-4062-02-2 |edition=3rd |location=Singapore |pages=193 |oclc=62782476}} with whom he had two children.{{Cite web |last=Migration |date=13 January 1985 |title=From the archives: Money man with a soft touch {{!}} The Straits Times |url=https://www.straitstimes.com/singapore/from-the-archives-money-man-with-a-soft-touch |access-date=8 December 2022 |website=www.straitstimes.com |language=en}} He was of Hakka Chinese ancestry.

Hu died on 8 September 2023, at age 96.{{cite news |last1=Tan |first1=Felicia |title=Former finance minister Richard Hu dies at 96 |url=https://www.theedgesingapore.com/news/singapore/former-finance-minister-richard-hu-dies-96 |access-date=8 September 2023}}