Cheng Siwei Photo: CFP

Cheng Siwei, known as the father of China's NASDAQ-like ChiNext market, passed away early Sunday at the age of 80, according to a statement on the website of the China National Democratic Construction Association.

Cheng was born in 1935 in Central China's Hunan Province. After graduating from college in the 1950s with a major in political science, he worked in the organization department of the general union in South China's Guangdong Province.

Cheng was elected chairman of the China National Democratic Construction Association, one of China's non-Communist parties, in 1996 and served in that role until 2007.

Between 1998 and 2008, he served as the vice chairman of the Standing Committee of the Ninth and Tenth National People's Congresses. The NPC is China's top legislative body. Chen was also the Chairman of the International Finance Forum，an independent，nonprofit，nongovernment international financial organization.

Cheng's early research involved chemical engineering, social science and management science. He also attended the University of California at Los Angeles and obtained his master's degree in business administration in 1984.

In 2004, Cheng proposed the launch of the ChiNext board, which opened in 2009 as a venue for many high-tech companies to go public. He thus earned the nickname "Father of the ChiNext market". He also promoted the development of the nation's venture capital sector.

During a think tank forum in April, Cheng urged government think tanks to be practical and realistic, while avoiding lofty talk that lacks substance.

Cheng published several books, including Economic Reform and Development in China, Research in China's Economic Development and Reform, as well as Soft Science and Reform.