Wang was born in Jiashan County (present day Mingguang City) in China's Anhui province in 1915 and joined the Chinese Communist Party in 1938.

During his early career within the government of the People's Republic of China, he focused on trade and investment issues.

As mayor, Wang contributed to the success of Deng Xiaoping's economic reforms by actively encouraging foreign investment and joint ventures.

The following year Wang and SEF chairman Koo Chen-fu held preliminary talks in Hong Kong which resulted in the so-called "1992 Consensus" and facilitated negotiations of practical matters.

Beijing called off talks in 1999, after Republic of China President Lee Teng-hui proposed his two-states theory.