The renowned Chinese economist Li Yining has passed away, aged 92, according to a statement posted on Peking University's official website on Monday.

The statement said Li died of an illness in Beijing at 19:31 on Monday.

He was honorary dean of the Guanghua School of Management at Peking University.

Li was one of the first scholars in China to propose reforms to the shareholding system. His contributions have had a great impact on the development of China's economy and have earned him the honorary title of "Pioneer of China's Reform and Opening-up".