Zheng was born 24 February 1924 in Liujiawa Township, Chengcheng County, Shaanxi Province.

[1][2] He was impacted by the Cultural Revolution and sent to perform manual labour at a May Seventh Cadre School from 1966 to 1971.

[1] After the end of the Cultural Revolution in 1976, Zheng joined the Central Working Group in Shanghai to participate in the purging of Gang of Four remnants.

[2] On 21 March 1985, Zheng was promoted to Minister when Chen was appointed President of the People's Bank of China.

[3] In the aftermath of the 1989 Tiananmen Square protests and massacre, he was dismissed in December 1990 with no reason given, and was replaced by his deputy Li Lanqing.