Related: Taiwan Tycoon Wang Yung-ching Dies

The Chinese mainland expressed condolences on Friday after the death of 91-year-old Taiwan entrepreneur, Wang Yung-ching.

Wang, founder of Taiwan's Formosa Plastics Group, died early Wednesday morning in his sleep. He was on a business trip in the United States.

"A renowned national entrepreneur, Chairman Wang has made outstanding contributions to Taiwan's economic development and cross-strait economic exchanges and cooperation, " a State Council Taiwan Affairs Office spokesman said in a statement.

Wang was also praised for his efforts in promoting public welfare issues.

"We express deep-felt condolence on the death of Mr. Wang Yung-ching," the spokesman said.

The second richest man in Taiwan, with a personal fortune of 6.8 billion U.S. dollars, Wang set up Formosa Plastics Corporation in 1954. The conglomerate works with biotechnology, petrochemical processing and electronic components production.

The group has more than 40 companies which include a number of petrochemical and plastic enterprises on the mainland. Formosa Plastics employs nearly 100,000 people.

Known as the "God of Management" in Taiwan, Wang started his business by selling rice in 1932. Wang retired as chairman of the corporation in 2006.

He not only made significant contributions to Taiwan's economic prosperity, but also attached great importance to exchanges across the Taiwan Strait. In recent years, Wang repeatedly called for the acceleration and expansion of trade and economic cooperation with the Chinese mainland.

Wang himself also offered to help build 10,000 primary schools on the mainland. That project is now in progress.

Soon after the 8.0-magnitude earthquake struck the southwestern Sichuan Province on May 12, his group donated 100 million yuan (14.6 million U.S. dollars) to victims.