Chinese economic reformer Zhu Rongji dies aged 97
Former Chinese premier Zhu Rongji, who earned a reputation as an economic reformer, 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 also played a leading role in securing China’s entry into the World Trade Organization. Born in 1928…
Former Chinese premier Zhu Rongji, known for his economic reform efforts, has passed away at the age of 97. As China's premier from 1998 to 2003, Zhu is remembered for his efforts to combat corruption, overhaul the centrally planned economy, and streamline state-owned enterprises (SOEs). He also played a crucial role in China's accession to the World Trade Organization.
Born in 1928 in Changsha, Hunan province, Zhu earned a degree in electrical engineering from Tsinghua University in 1951. He began his career in the civil service, focusing on regional and national economic policy. In 1991, he became vice-premier responsible for China's economy before assuming the role of premier in 1998.
During the 1990s, China faced high inflation, mounting debt, and SOE losses that threatened financial stability. Zhu addressed these issues by centralizing fiscal policy, reducing bureaucratic red tape, and closing or privatizing failing enterprises. He was also instrumental in the negotiations for China's entry into the WTO in 2001, which opened up the Chinese market to international trade and brought about significant economic changes.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
