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{{Short description|Singaporean politician (1926–2023)}}
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{{Use dmy dates|date=December 2022}}
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{{Short description|Singaporean politician}}
{{Family name hatnote|[[Hu (surname)|Hu]]|lang=Chinese}}
{{Family name hatnote|[[Hu (surname)|Hu]]|lang=Chinese}}
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{{Use dmy dates|date=September 2023}}
{{Infobox officeholder
{{Infobox officeholder
| name = Richard Hu
| name = Richard Hu
| native_name = {{nobold|胡赐道}}
| native_name = {{nobold|胡赐道}}
| native_name_lang = zh-sg
| native_name_lang = zh-sg
| office = [[Ministry of Finance (Singapore)|Minister for Finance]]
| office = [[Ministry of Finance (Singapore)|Minister for Finance]]
| image =
| image = Richard Hu Tsu Tau.png
| image_size =
| image_size =
| caption =
| caption = Hu in 1997
| predecessor = [[Tony Tan]]
| predecessor = [[Tony Tan]]
| primeminister = [[Lee Kuan Yew]]<br />[[Goh Chok Tong]]
| primeminister = {{ubl|[[Lee Kuan Yew]]|[[Goh Chok Tong]]}}
| successor = [[Lee Hsien Loong]]
| successor = [[Lee Hsien Loong]]
| termend = 10 November 2001
| termend = 9 November 2001
| termstart = 2 January 1985
| termstart = 7 May 1985
| office2 = [[Monetary Authority of Singapore|Chairman of the Monetary Authority of Singapore]]
| office2 = [[Monetary Authority of Singapore|Chairman of the Monetary Authority of Singapore]]
| primeminister2 = [[Lee Kuan Yew]] <br />[[Goh Chok Tong]]
| primeminister2 = {{ubl|Lee Kuan Yew |Goh Chok Tong}}
| term_start2 = January 1985
| term_start2 = January 1985
| term_end2 = December 1997
| term_end2 = December 1997
| predecessor2 = [[Goh Keng Swee]]
| predecessor2 = [[Goh Keng Swee]]
| successor2 = [[Lee Hsien Loong]]
| successor2 = Lee Hsien Loong
| office3 = [[Ministry of Health (Singapore)|Minister for Health]]
| office3 = [[Ministry of Health (Singapore)|Minister for Health]]
| predecessor3 = Tony Tan
| predecessor3 = Tony Tan
| primeminister3 = Lee Kuan Yew
| primeminister3 = Lee Kuan Yew
| successor3 = [[Yeo Cheow Tong]]
| successor3 = [[Yeo Cheow Tong]]
| termend3 = 1987
| termend3 = 31 December 1986
| termstart3 = 1985
| termstart3 = 7 May 1985
| constituency_MP4 = [[Kreta Ayer–Tanglin Group Representation Constituency|Kreta Ayer–Tanglin GRC]]<br />(Kreta Ayer)
| constituency_MP4 = [[Kreta Ayer–Tanglin GRC]] {{nobold|(Kreta Ayer)}}
| parliament4 = Singapore
| parliament4 = Singapore
| term_start4 = 2 January 1997
| term_start4 = 2 January 1997
| term_end4 = 18 October 2001
| term_end4 = 18 October 2001
| predecessor4 = ''Himself'' ([[Kreta Ayer Single Member Constituency|Kreta Ayer SMC]])
| predecessor4 = Himself ([[Kreta Ayer SMC]])
| successor4 = ''Constituency abolished''
| successor4 = ''Constituency abolished''
| constituency_MP5 = [[Kreta Ayer Single Member Constituency|Kreta Ayer SMC]]
| constituency_MP5 = Kreta Ayer SMC
| parliament5 = Singapore
| parliament5 = Singapore
| term_start5 = 22 December 1984
| term_start5 = 22 December 1984
| term_end5 = 16 December 1996
| term_end5 = 16 December 1996
| predecessor5 = Goh Keng Swee
| predecessor5 = Goh Keng Swee
| successor5 = ''Himself'' ([[Kreta Ayer–Tanglin Group Representation Constituency|Kreta Ayer–Tanglin GRC]] - Kreta Ayer)
| successor5 = Himself (Kreta Ayer–Tanglin GRC – Kreta Ayer)
| birth_name = Richard Hu Tsu Tau
| birth_name = Richard Hu Tsu Tau
| birth_date = {{birth date|1926|10|30|df=y}}
| birth_date = {{Birth date|1926|10|30|df=y}}
| birth_place = [[Singapore in the Straits Settlements|Singapore]], [[Straits Settlements]], [[British Malaya]]
| birth_place = [[Singapore, Straits Settlements]], British&nbsp;Malaya
| death_date = {{death date and age|2023|09|08|1926|10|30|df=y}}<ref>{{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}}</ref>
| death_date = {{Death date and age|2023|09|08|1926|10|30|df=y}}
| death_place = Singapore{{fact|date=September 2023}}<ref>{{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}}</ref>
| death_place = [[Singapore]]
| death_cause =
| death_cause =
| resting_place =
| resting_place =
| party = [[People's Action Party]]
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| other_names =
| resting_place_coordinates =
| other_names =
| known_for =
| known_for =
| education =
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| alma_mater = {{ubl|[[University of California, Berkeley]] ([[Bachelor of Science|BS]])|[[University of Birmingham]] (PhD)}}
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| education =
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| employer =
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| alma_mater = [[University of California, Berkeley]] ([[Bachelor of Science|BS]])<br />[[University of Birmingham]] ([[PhD]])
| employer =
| occupation =
| occupation =
| religion =
| religion =
| spouse = Irene Tan Dee Leng
| spouse = Irene Tan Dee Leng
| children = 2
| children = 2
| father = {{ill|v=ib|Hu Tsai Kuen|zh|胡载坤}}
| parents = Hu Tsai Kuen (father)
| relatives =
| module = {{Infobox Chinese|s=胡赐道|p=Hú Cìdào|t=胡賜道|poj=Hô͘ Sù-tǎu|child=yes}}
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| relatives =
}}
}}
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'''Richard Hu Tsu Tau''' ({{lang-zh|s=胡赐道|p=Hú Cìdào}}; 30 October 1926 - 8 September 2023) was a Singaporean politician who served as [[Ministry of Finance (Singapore)|Minister for Finance]] between 1985 and 2001. A member of the governing [[People's Action Party]] (PAP), he was the [[Parliament of Singapore|Member of Parliament]] (MP) for [[Kreta Ayer Single Member Constituency|Kreta Ayer SMC]] between 1984 and 1997 and [[Kreta Ayer–Tanglin GRC]] between 1997 and 2001.


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'''Richard Hu Tsu Tau''' ({{lang-zh|s=胡赐道}}; 30 October 1926 – 8 September 2023) was a Singaporean politician who served as [[Ministry of Finance (Singapore)|Minister for Finance]] between 1985 and 2001. A member of the governing [[People's Action Party]] (PAP), he was the [[Parliament of Singapore|Member of Parliament]] (MP) for [[Kreta Ayer Single Member Constituency|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 [[Ministry of Finance (Singapore)#Singapore Budget|Budget speeches]]. He served as chairman of the [[Monetary Authority of Singapore]] between 1985 and 1997.
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==Early life==
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Hu was born in Singapore from Hu Tsai Kuen, a doctor,<ref name=":0">{{Cite web |last=Tay |first=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}}</ref> and Margaret Kwan Fu Shing. 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]].<ref>{{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}}</ref>


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==Early life and education==
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==Career==
Hu was born in Singapore to {{ill|Hu Tsai Kuen|zh|胡载坤}}, a physician,<ref name=":0">{{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}}</ref> and Margaret Kwan Fu Shing. Through his father, he was related to the Singaporean American author [[Kevin Kwan]].<ref>{{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}}</ref>
Hu joined the [[Royal Dutch Shell]] Group of Companies in 1960 and rose to the position of Chairman and Chief Executive of this global company in Singapore between 1977 and 1983.<ref>{{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 }}</ref>


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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]].<ref>{{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}}</ref>
In 1983, Hu became the Managing Director of the [[Monetary Authority of Singapore]] (MAS) and the Government of Singapore Investment Corporation (GIC), holding both posts concurrently until 1984. He was chairman of [[Monetary Authority of Singapore]] from 1985 to 1997.<ref name="monetaryauthoritychairmen">{{cite web|url=https://www.mas.gov.sg/who-we-are/Our-History|title=Our History|website=Mas.gov.sg}}</ref>


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==Career==
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Hu contested as a [[People's Action Party]] candidate in the [[Kreta Ayer Single Member Constituency]]<ref>{{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}}</ref> in [[1984 Singaporean general election|1984 General Elections]] and won the election. Following the elections, he became the [[Minister for Health (Singapore)|Minister for Health]] for two years from 1985 to 1987 and the Minister for Finance<ref>{{cite news|last1=Tesoro|first1=Jose Manuel|title=SINGAPORE Keeping Up the Pace|url=http://edition.cnn.com/ASIANOW/asiaweek/96/0503/feat1.html|access-date=5 December 2015|publisher=Asiaweek}}</ref> for 16 years from 1985 to 2001.<ref>{{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}}</ref> He had also briefly served as Minister for National Development from 1992 till 1993.<ref name=":0" /> As the Minister for Finance, Hu is perhaps best known by his signature on the 'Ship' series of legal tender notes issued after his appointment.<ref>{{cite web|title=Note Facts|url=http://www.singaporemint.com/fact_note_ship.php|website=The Singapore Mint|publisher=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}}</ref> He also introduced the [[Goods and Services Tax (Singapore)|Goods and Services Tax]] in 1993. As part of deregulation and reform of its financial and banking sectors, Hu oversaw the privatization of the government-run [[POSBank|Post Office Savings Bank]] (POSB) and the sale of POSB to the [[DBS Bank|Development Bank of Singapore]] (DBS) in 1998.<ref>{{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}}</ref>
Hu joined the [[Shell plc|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.<ref>{{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 }}</ref> In 1983, Hu was appointed managing director of the [[Monetary Authority of Singapore]] (MAS) and [[GIC (Singaporean sovereign wealth fund)|Government of Singapore Investment Corporation]] (GIC), where he served until 1984 concurrently.<ref name=":1">{{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}}</ref> He was chairman of the [[Monetary Authority of Singapore]] from 1985 to 1997.<ref name="monetaryauthoritychairmen">{{cite web|url=https://www.mas.gov.sg/who-we-are/Our-History|title=Our History|website=Mas.gov.sg}}</ref>


Hu made his political debut in the [[1984 Singaporean general election|1984 general election]] as a [[People's Action Party]] (PAP) candidate contesting in [[Kreta Ayer Single Member Constituency|Kreta Ayer SMC]] and won.<ref name=":1" /><ref>{{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}}</ref> He was later appointed [[Minister for Health (Singapore)|Minister for Health]] in 1985, where he served until 1987. He was also Minister for Finance from 1985 to 2001.<ref>{{cite news|last1=Tesoro|first1=Jose Manuel|title=SINGAPORE Keeping Up the Pace|url=http://edition.cnn.com/ASIANOW/asiaweek/96/0503/feat1.html|access-date=5 December 2015|publisher=Asiaweek}}</ref><ref>{{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}}</ref> He had also briefly served as Minister for National Development from 1992 to 1993.<ref name=":0" />
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On 13 April 2004, Hu joined the Board of Singaporean property development company [[CapitaLand]] and was elected Chairman the same day, until his retirement in 2012.<ref>{{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}}</ref> He was also the Chairman of GIC Real Estate Pte Ltd<ref>{{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}}</ref> and Asia Financial Holdings Pte Ltd, as well as a Director of the [[GIC (Singaporean sovereign wealth fund)|Government of Singapore Investment Corporation]] (GIC)<ref>{{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}}</ref> and a Director of Buildfolio.Com.Inc. Hu also served as the [[Chancellor (education)|Chancellor]] of the [[Singapore Management University]] from July 2002 to August 2010.<ref>{{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}}</ref>


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As Minister for Finance, Hu was known for his signature on the 'Ship' series of legal tender notes issued after his appointment.<ref>{{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}}</ref> He introduced the [[Goods and Services Tax (Singapore)|Goods and Services Tax]] (GST) in 1993.<ref name=":1" /> As part of deregulation and reform of its financial and banking sectors, Hu oversaw the privatisation of the government-linked [[POSBank|Post Office Savings Bank]] (POSB) and the sale of POSB to the [[DBS Bank|Development Bank of Singapore]] (DBS) in 1998.<ref>{{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}}</ref>
Hu retired from GIC in 2012.<ref>{{Cite news |last=Lee |first=Meixian |date=2 November 2012 |title=Richard Hu to retire from GIC board |pages=22 |work=[[The Straits Times]]}}</ref>


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On 13 April 2004, Hu was appointed [[CapitaLand]]'s chairman of the board, where he served until his retirement in 2012.<ref>{{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}}</ref> He was also chairman of GIC Real Estate Pte Ltd<ref>{{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}}</ref> and Asia Financial Holdings Pte Ltd, and director of the [[GIC (Singaporean sovereign wealth fund)|Government of Singapore Investment Corporation]] (GIC)<ref>{{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}}</ref> and Buildfolio.Com.Inc. Hu served as the [[Chancellor (education)|chancellor]] of the [[Singapore Management University]] from July 2002 to August 2010.<ref>{{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}}</ref> Hu retired from GIC in 2012.<ref>{{Cite news |last=Lee |first=Meixian |date=2 November 2012 |title=Richard Hu to retire from GIC board |pages=22 |work=[[The Straits Times]]}}</ref> In 2013, he was appointed senior advisor of the [[Fraser and Neave]] board.<ref>{{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}}</ref>
In 2013, Hu was appointed as senior advisor of the [[Fraser and Neave]] board.<ref>{{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}}</ref>


==Personal life==
==Personal life==
Hu was married to Irene Tan Dee Leng.<ref>{{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}}</ref> They had two children.<ref>{{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}}</ref> He was of [[Hakka people|Hakka]] Chinese ancestry.
Hu was married to Irene Tan Dee Leng,<ref>{{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}}</ref> with whom he had two children.<ref>{{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}}</ref> He was of [[Hakka people|Hakka]] Chinese ancestry.


Hu died on 8 September 2023, at age 96.<ref>{{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}}</ref>
Hu died on 8 September 2023, he was aged 96.


==References==
==References==
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{{S-bef | before = [[S Dhanabalan]] }}
{{S-bef | before = [[S Dhanabalan]] }}
{{S-ttl | title = [[Ministry of National Development (Singapore)|Minister for National Development]]
{{S-ttl | title = [[Ministry of National Development (Singapore)|Minister for National Development]]
| years = 1 Sep 1992-1993 }}
| years = 1 September 1992 – 1993 }}
{{S-aft | after = [[Lim Hng Kiang]] }}
{{S-aft | after = [[Lim Hng Kiang]] }}


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{{DEFAULTSORT:Hu, Richard}}
{{DEFAULTSORT:Hu, Richard}}
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[[Category:1926 births]]
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[[Category:2023 deaths]]
[[Category:Members of the Cabinet of Singapore]]
[[Category:Members of the Cabinet of Singapore]]
[[Category:Members of the Parliament of Singapore]]
[[Category:Members of the Parliament of Singapore]]
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Latest revision as of 13:22, 21 October 2024

In this Chinese name, the family name is Hu.

Richard Hu
胡赐道
Hu in 1997
Minister for Finance
In office
7 May 1985 – 9 November 2001
Prime Minister
Preceded byTony Tan
Succeeded byLee Hsien Loong
Chairman of the Monetary Authority of Singapore
In office
January 1985 – December 1997
Prime Minister
  • Lee Kuan Yew
  • Goh Chok Tong
Preceded byGoh Keng Swee
Succeeded byLee Hsien Loong
Minister for Health
In office
7 May 1985 – 31 December 1986
Prime MinisterLee Kuan Yew
Preceded byTony Tan
Succeeded byYeo Cheow Tong
Member of the Singapore Parliament
for Kreta Ayer–Tanglin GRC (Kreta Ayer)
In office
2 January 1997 – 18 October 2001
Preceded byHimself (Kreta Ayer SMC)
Succeeded byConstituency abolished
Member of the Singapore Parliament
for Kreta Ayer SMC
In office
22 December 1984 – 16 December 1996
Preceded byGoh Keng Swee
Succeeded byHimself (Kreta Ayer–Tanglin GRC – Kreta Ayer)
Personal details
Born
Richard Hu Tsu Tau

(1926-10-30)30 October 1926
Singapore, Straits Settlements, British Malaya
Died8 September 2023(2023-09-08) (aged 96)
Singapore[citation needed][1]
Political partyPeople's Action Party
SpouseIrene Tan Dee Leng
Children2
Parent
Alma mater
Chinese name
Traditional Chinese胡賜道
Simplified Chinese胡赐道
Transcriptions
Standard Mandarin
Hanyu PinyinHú Cìdào
Southern Min
Hokkien POJHô͘ Sù-tǎu

Richard Hu Tsu Tau (Chinese: 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

[edit]

Hu was born in Singapore to Hu Tsai Kuen [zh], a physician,[2] and Margaret Kwan Fu Shing. Through his father, he was related to the Singaporean American author Kevin Kwan.[3]

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.[4]

Career

[edit]

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.[5] 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.[6] He was chairman of the Monetary Authority of Singapore from 1985 to 1997.[7]

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.[6][8] He was later appointed Minister for Health in 1985, where he served until 1987. He was also Minister for Finance from 1985 to 2001.[9][10] He had also briefly served as Minister for National Development from 1992 to 1993.[2]

As Minister for Finance, Hu was known for his signature on the 'Ship' series of legal tender notes issued after his appointment.[11] He introduced the Goods and Services Tax (GST) in 1993.[6] 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.[12]

On 13 April 2004, Hu was appointed CapitaLand's chairman of the board, where he served until his retirement in 2012.[13] He was also chairman of GIC Real Estate Pte Ltd[14] and Asia Financial Holdings Pte Ltd, and director of the Government of Singapore Investment Corporation (GIC)[15] and Buildfolio.Com.Inc. Hu served as the chancellor of the Singapore Management University from July 2002 to August 2010.[16] Hu retired from GIC in 2012.[17] In 2013, he was appointed senior advisor of the Fraser and Neave board.[18]

Personal life

[edit]

Hu was married to Irene Tan Dee Leng,[19] with whom he had two children.[20] He was of Hakka Chinese ancestry.

Hu died on 8 September 2023, at age 96.[21]

References

[edit]
  1. ^ Tan, Felicia. "Former finance minister Richard Hu dies at 96". Retrieved 8 September 2023.
  2. ^ a b Tay, Hwee Peng; Chew, Hui Min (4 March 2016). "Heng Swee Keat to present Budget 2016: Who were the finance ministers before him? | The Straits Times". www.straitstimes.com. Retrieved 8 December 2022.
  3. ^ Ho, Olivia (14 May 2017). "'I'm no crazy rich Asian', says author Kevin Kwan". The Straits Times. Retrieved 24 May 2020.
  4. ^ "Heng Swee Keat to present Budget 2016: Who were the finance ministers before him?". Straitstimes.com. 4 March 2016. Retrieved 26 September 2017.
  5. ^ "Management Team | Barghest Building Performance". Archived from the original on 26 April 2014. Retrieved 5 December 2015.
  6. ^ a b c "Richard Hu, S'pore's longest-serving finance minister, dies at 96". The Straits Times. 8 September 2023. ISSN 0585-3923. Retrieved 10 September 2023.
  7. ^ "Our History". Mas.gov.sg.
  8. ^ "Official Reports". Parliament of Singapore. Archived from the original on 4 March 2016. Retrieved 5 December 2015.
  9. ^ Tesoro, Jose Manuel. "SINGAPORE Keeping Up the Pace". Asiaweek. Retrieved 5 December 2015.
  10. ^ "Finance Minister Bios". Mof.gov. Retrieved 18 July 2022.
  11. ^ "Note Facts". The Singapore Mint. Archived from the original on 8 December 2015. Retrieved 5 December 2015.
  12. ^ "National Archives of Singapore". Nas.gov.sg. Retrieved 5 December 2015.
  13. ^ "CapitaLand chairman Richard Hu to step down". Btinvest.com.sg. Retrieved 10 June 2015.
  14. ^ "Richard Hu Tsu Tau Ph.D." Bloomberg News. Retrieved 5 December 2015.
  15. ^ Lee, Meixian. "Richard Hu to retire from GIC board". Forums.condosingapore.com. Retrieved 5 December 2015.
  16. ^ "31 August 2010". Smu.edu.sg. Archived from the original on 6 September 2010. Retrieved 20 November 2012.
  17. ^ Lee, Meixian (2 November 2012). "Richard Hu to retire from GIC board". The Straits Times. p. 22.
  18. ^ "F&N: Appoints Dr. Richard Hu As Senior Adviser To The Board". Singapore Press Holdings Ltd. Business Times. 3 April 2013. Retrieved 5 December 2015.
  19. ^ Who's who in Singapore, 2006. Kar Tiang Low, Who's Who Publishing (3rd ed.). Singapore: Who's Who Pub. 2006. p. 193. ISBN 981-4062-02-2. OCLC 62782476.{{cite book}}: CS1 maint: others (link)
  20. ^ Migration (13 January 1985). "From the archives: Money man with a soft touch | The Straits Times". www.straitstimes.com. Retrieved 8 December 2022.
  21. ^ Tan, Felicia. "Former finance minister Richard Hu dies at 96". Retrieved 8 September 2023.
[edit]
Political offices
Preceded by Minister for Finance
1985–2001 		Succeeded by
Preceded by Minister for Health
1985–1987 		Succeeded by
Preceded by Minister for National Development
1 September 1992 – 1993 		Succeeded by
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