Former Chinese premier Zhu Rongji, who helped engineer one of the greatest economic reforms in human history, has died. He was 97.
Zhu, who served as China’s premier from 1998 to 2003, is remembered for tackling corruption, shaking up the centrally planned economy and overhauling the state-owned enterprise (SOE) sector.
He was the mastermind behind negotiations for China’s World Trade Organization (WTO) entry in 2001, which opened China up to the international market and ushered in major changes in the Chinese economy.
Zhu also played a key role ensuring the smooth handover of Hong Kong in 1997 and led Beijing’s handling of the Asian financial crisis that same year.
The official obituary released by state news agency Xinhua on Wednesday described Zhu as “an outstanding member of the Communist Party, a long-tested and loyal Communist fighter, an outstanding proletarian revolutionary and statesman, and an exceptional leader of the party and the state”.
It credits him with helping the country navigate through the immense impact of the Asian financial crisis and “resolutely safeguard the prosperity and stability of Hong Kong as an international financial centre”. It also noted that he had shifted to proactive fiscal and monetary policies to maintain stable and rapid economic growth.
Xinhua’s obituary highlighted Zhu’s role in advancing economic system reform, pointing to his overhaul of state-owned enterprises, where he prioritised clearer property rights and separating government functions from business operations.