H . H . Kung Kung Hsiang - hsi ( ) ( September 11 , 1881 – August 16 , 1967 ) , often known as Dr . H . H . Kung , was a wealthy Chinese banker and politician in the early 20th century . He was highly influential in determining the economic policies of the KMT ( The Chinese Nationalist Party ) government in the 1930s and 1940s . He was known as the richest man in China at that time . Biography . Early life . Kung was born into a prosperous banking and trading family in Taigu , Jinzhong , Shanxi , where he attended a mission school in spite of his family ' s doubts . He then attended North China Union College in Tungchow , near Beijing , where he took courses in mathematics , physics and chemistry , subjects which were not offered in traditional Chinese schools . When heard of the Boxer attacks , he returned to Taigu , but his family prevented him from leaving the house . After the Taiyuan Massacre , which included members of the Oberlin Band , he carried letters from several of the murdered missionaries to Beijing by hiding them between the layers of his cloth shoes . Returning the Taigu , by using the powers of the Boxer Indemnity , he distributed relief to the families of those killed , buried the dead , and confiscated the estate of a family which had supported the Boxers . In the summer of 1901 , Luella Miner , a missionary and Oberlin graduate , arranged for Kung to travel to Oberlin for further study . Upon landing in San Francisco , however , because of the Chinese Exclusion Act , Kung and his companion were locked up for several weeks before the Chinese Consul - General posted bond , and they were then not allowed permission to come to Oberlin for another year . Their railway passage took them into Canada , but only by strong intervention from an Ohio Congressman were they allowed to re - enter the US . Kung graduated from Oberlin in 1906 , then proceeded to take a Master ’ s Degree in economics from Yale University . After completing his education abroad , Kung returned to his home province of Shanxi . During the 1911 Xinhai Revolution , Kung mobilized forces in support of Yan Xishan , helping Yan to overthrow the authority of the Qing government in Shanxi . After 1911 , Kung became one of Yan ' s most trusted advisors , and Yan was soon recognized as the military governor of Shanxi by Yuan Shikai , and effectively controlled Shanxi until 1949 , when the Communists took control of mainland China . Kung ' s influence on Yan ' s thinking from 1911 onward was significant , and was a major factor in Yan ' s subsequent determination to modernize Shanxi . The reforms that Yan subsequently conducted won Yan widespread acclaim , and Shanxi gained a reputation during the Warlord Era as being the " Model Province " . After 1911 , Kung helped to establish Ming Hsien , a complex of Christian schools in Taigu on the land Kung had acquired through the Boxer Indemnity . Kung became principal , and married Han Yu - mei , a fellow graduate of the North China Union College , who died of tuberculosis . Supporters in Oberlin established the Oberlin Shansi Memorial Association to which Kung made regular and substantial contributions . In 1922 Shanxi experienced a serious famine . Kung worked closely with the American Red Cross and missionary organizations like American Mission Board and the China International Famine Relief Commission to deliver relief supplies and to improve Shanxi ' s infrastructure to make the delivery of relief easier . According to foreign members of the Famine Relief Commission , the collective efforts of all involved were successful in preventing what otherwise would have been an " appalling calamity " , and by 1923 conditions in Shanxi returned to normal . Minister in the Kuomintang government . Kung was an early supporter of Sun Yat - sen , and worked with Wang Jingwei before serving in the government of Chiang Kai - shek . Kung began his career in the government of the Republic of China as the Minister of Industry , holding this position from 1927 - 1928 in the Wuhan Nationalist Government , led by Wang Jingwei . After the fall of Wang ' s government , Kung served as the Minister of Industry and Commerce from 1928 - 1931 in the Nanking Nationalist Government , and later as the Minister of Finance , from 1933 – 1944 . Kung later became the Governor of the Central Bank of China , from 1933 – 1945 . In 1927 one of his first acts in government was to balance the national budget . To raise the capital required , Kung increased the taxes on cigarettes by 50 % . Several Shanghai cigarette factories demonstrated against these taxes with shutdowns . Kung also threatened to increase the salt tax by 28 % . Kung joined the central executive committee of the Kuomintang ( KMT ) in 1931 . He served as Premier of the Republic of China from 1 January 1938 – 20 November 1939 . Kung then served as the Vice - Premier of the Executive Yuan , from 1935 - 1945 . Dr . Kung served as China ' s Chief Delegate to the International Monetary & Financial Conference in 1944 , where he signed the Bretton Woods Accord during the Bretton Woods Conference at the Mount Washington Hotel , New Hampshire , in the United States . This conference established the International Monetary Fund ( IMF ) and the International Bank for Reconstruction and Development ( IBRD ) , which today is part of the World Bank Group . After his move to the central government , Kung continued to advocate for good relations between Chiang Kai - shek and Yan Xishan . Yan ' s opposition to Chiang during the 1930 Central Plains War caused Yan to formally retire from all positions of leadership in Shanxi , and to flee to the Manchurian city of Dalian . Kung ' s tireless advocacy for Yan within the central government was successful , as Chiang allowed Yan to return to Shanxi in 1931 . Chiang clearly recognized Yan as the de facto ruler of Shanxi by 1934 . In 1934 Kung stated , in response to the American " nationalization of silver " , that " We also would like to nationalize silver but for China this is impossible because our Government is hampered by extraterritorial treaties . We do not want the price to skyrocket , for silver is vital to our national life . " Diplomacy with Axis powers . In 1937 , as the Minister of Finance of the Republic of China , Kung and two other Chinese KMT officials visited Germany and were received by Adolf Hitler in June 13 . Hitler told Kung that " I understand that people in China think the Soviet Union is their friend . But from our talk I understand that you , Herr Doktor , realize the danger of Communist doctrines . " Kung also convinced Hitler to cancel a scheduled speech at a Nazi conference by the Japanese Emperor ' s brother . Kung said , " I was able to make Hitler understand that Japan wanted to dominate the world . . . I was able to make Hitler think twice before getting too close to Japan . " While in Germany Kung stated his " deep satisfaction " with Hitler . Hitler , Göring and Dr . Schacht bestowed upon Kung an honorary degree , and attempted to open China ' s market to German exports . Hitler , Göring , and Schacht earmarked for Chinese students 100 , 000 Reichsmarks for studying in Germany after they persuaded an industrialist to set aside the money for that purpose . Kung , in favor of commercial credits , refused an international loan offer by Hitler . Kung also met Dr . Hjalmar Schacht while in Germany . Scherr told him that " German - Chinese friendship stemmed in good part from the hard struggle of both for independence . " H . H . Kung said , " China considers Germany its best friend . . . I hope and wish that Germany will participate in supporting the further development of China , the opening up of its sources of raw materials , the upbuilding of its industries and means of transportation . " Kung also visited Roosevelt and Mussolini in 1937 . Kung said " I thought Mussolini was doing great things for Italy . . . we got along well . I thought he would be a good ally of our Government . " During the Second Sino - Japanese War . By the time of the Second Sino Japanese War ( 1937 – 1945 ) , Kung had achieved a reputation as an exceptionally powerful and manipulative figure within the Nationalist government . By the time that the KMT government moved to Chongqing , Kung was running his own secret service . The Communist Zhou Enlai , while serving as the CCP ambassador to Chongqing , was notably successful in gaining the confidence of Kung ' s advisor , Hu Egong , allowing Zhou to conduct his intelligence work more efficiently . In January 1938 , Kung , a 75th - generation descendant of Confucius , greeted his relative , Duke Kung Te - cheng , who was also a descendant of Confucius , after Kung Te - cheng had fled to Hankou after the Japanese invasion of Shandong . After Kung Te - cheng fled , the Japanese blew up his residence on Mount Tai . " TIME " magazine addressed Kung Te - cheng by the title " Duke Kung " , and referred to his residence as the " ducal seat " . After a string of Japanese mishaps in 1938 , Kung gave a radio address in which he stated that " God is helping China ! " Kung ' s radio speech came after reports that a Japanese attempt to seize Hankou had failed ; and , with constant Chinese guerilla activity , Chinese forces had seized territory captured by Japan . In 1944 , Kung gave a speech at the China house with one of Mencius ' s direct descendants , Dr . Meng Chih . Both were alumni of American institutions . After the retreat of the KMT to Taiwan at the end of the Chinese Civil War , he moved to the United States . Kung died in 1967 in Locust Valley , New York . Personal life . Kung had a habit of smoking stogies ( a type of cigar ) . TIME magazine claimed that Kung smoked " 15 Havana cigars " a day . He was a Christian . Kung was a 75th generation descendant of Confucius , as indicated by the generation name 祥 ( Hsiang ; pinyin : Xiáng ) . Kung ' s father was ( ) ( 1861 – 1911 ) , a 74th generation descendant of Confucius , indicated by the generation name fan ( 繁 ) . Kung first married Han Yu - mei in 1910 , but she died in 1913 . In 1914 Kung married his second wife , Soong Ai - ling , the eldest of the Soong sisters . This marriage made Kung the brother - in - law of Soong Mei - ling , the wife of Chiang Kai - shek . The children of Kung and Soong were : The children all have the generation name Ling ( 令 ) in their names to indicate that they are 76th generation descendants of Confucius . One of Kung ' s sons went by the English name of David and was fluent in English . He was born in 1917 . The Kung family residential compound , a well preserved example of mid - Qing Dynasty architecture , can be toured in Taigu County , Shanxi .