8-9-2023 (SINGAPORE) On Friday (Sep 8), Singapore bid farewell to former Finance Minister Richard Hu, who passed away at the age of 96.
Dr. Hu’s journey in politics began in 1984 when he ventured into the political arena, contesting in the General Election as a member of the People’s Action Party for the Kreta Ayer constituency. His victory in this election marked the commencement of a remarkable political career.
Following his election triumph, he achieved the distinction of being the first Member of Parliament to be appointed to the Cabinet. Dr. Hu assumed the role of Minister for Trade and Industry, laying the foundation for his significant contributions to Singapore’s governance.
In 1985, Dr. Hu took on the concurrent roles of Health Minister, a position he held until 1987, and Finance Minister, a portfolio he would lead for an impressive 16 years, until 2001.
Dr. Hu’s influence extended beyond the confines of the Cabinet room. In 1985, he assumed the esteemed position of Chairman of the Monetary Authority of Singapore (MAS), a role he would fulfill until 1997. He also briefly served as the Minister for National Development from 1992 to 1993.
During his tenure as Finance Minister, Dr. Hu implemented several pivotal policies that left an indelible mark on Singapore’s fiscal landscape. He introduced the Goods and Services Tax (GST) to reduce the government’s dependence on direct taxation as a revenue source while broadening the tax base.
Additionally, Dr. Hu spearheaded the privatization of the government-run Post Office Savings Bank (POSB), successfully overseeing its sale to DBS in 1998.
Before entering the political arena, Dr. Hu had already made substantial contributions to Singapore’s financial institutions. He served on the board of the Monetary Authority of Singapore (MAS) starting in 1970 before ascending to the role of Managing Director of Singapore’s central bank in 1983. In the same year, he was appointed Managing Director of the Government Investment Corporation (GIC), further solidifying his influence in the country’s financial sector.
Dr. Richard Hu’s passing has prompted an outpouring of condolences from individuals and leaders alike. Lee Hong Chuang, a grassroots leader from Hougang, expressed his sentiments on Facebook, saying, “I remember the late Dr. Richard Hu when I was growing up as a real stalwart of our economy. Thank you, Sir, for all that you have done for Singapore!”
