Zhu Rongji, former premier who changed China's economic fate passes away at 97
Former Chinese premier Zhu Rongji died on Wednesday at 97 after an illness, according to China’s official Xinhua news agency.Zhu rose to prominence in the 1990s after serving as mayor of Shanghai before becoming vice premier in 1991. He was given charge of major parts of the economy, including the banking and financial sectors, agricultural policy and China’s sprawling state-owned enterprises.He became premier in 1998 and served until 2003, emerging as one of the most influential figures in China’s economic transformation under then-president Jiang Zemin.Zhu took over as China’s economy was expanding rapidly but facing major problems, including inflation that had reached 27%.
He tightened control over the financial system and pushed through measures that brought inflation under control.He also targeted inefficient and heavily bloated state-owned enterprises, leading to tens of millions of workers being laid off or furloughed. The reforms strengthened China’s economic management but also caused considerable unease among workers and within the Communist Party’s traditional power structure.Zhu promoted what Chinese officials described as a “socialist market economy with Chinese characteristics”, combining greater reliance on markets with continued Communist Party control.One of Zhu’s biggest political and economic projects was bringing China into the WTO.
He pushed for international trade rules to become part of China’s economic system and sought support from the US government for Beijing’s membership bid.The negotiations lasted years and created political difficulties for Zhu at home, but China eventually joined the WTO in 2001.His reforms also helped lay the groundwork for the expansion of Chinese banks, financial markets and international trade, contributing to the economic growth that followed.After retiring from public office, Zhu largely stayed out of the spotlight.Catch the latest World News and Live updates.
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