In 1955, he was in charge of security for the Chinese delegation at the Bandung Conference, and was credited with saving Premier Zhou Enlai from the KMT-led assassination plot that resulted in the airplane crash of the Kashmir Princess.

Transport Minister Ye Fei asked Yuan Geng to direct his attention to the China Merchants Steam Navigation Company in Hong Kong, a Qing dynasty-era commercial enterprise which the PRC government regime had taken over in 1949 and kept in operation.

Losing no time, in early January 1979 Yuan Geng prepared a pilot project in the form of an industrial zone supported by China Merchants, initially focused on ship breaking, with exemptions from the mainland's constraints on economic activity.

Li Xiannian circled the Nantou Peninsula, on which Shekou is located, on Yuan Geng's map of the Hong Kong area, to mark approval of the project and extension of its perimeter.

"[9] The Shekou Industrial Park then became the template for Deng Xiaoping's subsequent policy to establish China's special economic zones (SEZs), which took shape in April 1979 on proposals by Guangdong officials led by Xi Zhongxun.

[citation needed] On the night of his passing away, an official memorial ceremony was led by Shenzhen Party Secretary Ma Xingrui and Mayor Xu Qin at the Shekou China Merchants Museum.

Simultaneously, a spontaneous celebration was held at the Shekou Community Trust, echoing other cases of unprovoked manifestation of popular support following the death of respected Chinese officials.

"[11] A statue of Yuan Geng by local sculptor Lu Zengkang, sponsored by China Merchants Group, was inaugurated in Shekou's Sea World downtown development on 23 April 2017, his 100th birthday.

[17] As of 2018 the statue stands in front of Sea World Culture and Arts Center, in which the third floor hosts a display celebrating the history of Shekou and Yuan Geng's legacy.