[1] After the CCP won the Chinese Civil War and established the People's Republic of China in 1949, the new government began nationalizing the economy.

[1] During the Cultural Revolution, he was severely persecuted for his relations with President Liu Shaoqi, the husband of Wang's sister Guangmei.

When Deng Xiaoping began the reform and opening era, Wang's business background became valuable again and he was tasked with establishing the state-owned China Everbright Group in Hong Kong to acquire foreign investment and technologies.

[1] He invited many foreign dignitaries to visit Everbright, including American leaders Richard Nixon, Henry Kissinger and Walter Mondale, Japanese Prime Minister Noboru Takeshita, and Indonesian President Suharto.

[5] From 1983 to 1993, Wang served two terms as Vice Chairperson of the Chinese People's Political Consultative Conference (CPPCC).

For twenty years in the two high-ranking positions, he performed mainly diplomatic roles and received many visiting foreign leaders.