Zhu Rongji, China’s chief engineer of economic reform and former premier, dies aged 97

Former Chinese premier Zhu Rongji, who played a pivotal role in the country's economic transformation, passed away at the age of 97 in Beijing on Wednesday due to illness. Zhu held the position of premier from 1998 to 2003, during which he spearheaded significant reforms in China's centrally-planned economy. Among his notable achievements, Zhu oversaw the introduction of the World Trade Organization (WTO) membership in 2001, which marked a major shift in China's integration into the global economy.

In his role as China's chief engineer of economic reform, Zhu also focused on modernising the country's taxation and financial systems, which proved crucial for the nation's growth. The Hong Kong Chief Executive, John Lee Ka-chiu, expressed gratitude to Zhu for his support in maintaining Hong Kong's unity and economic stability during challenging times, including the Asian financial crisis.

Economist Lawrence Lau Juen-yee highlighted Zhu's decision to keep the renminbi exchange rate steady during the crisis, which proved effective in avoiding further damage to China's economy. Former US Treasury secretary Henry Paulson, Apple CEO Tim Cook, and IBM CEO Ginni Rometty were among several notable figures Zhu met during his last public appearance in Beijing in October 2018.

State news agency Xinhua described Zhu as an outstanding Communist Party member, loyal revolutionary, and exceptional leader, crediting him with navigating China through the Asian financial crisis and safeguarding Hong Kong's prosperity.