Zhu Rongji, Chinese premier who cajoled economy into modern era, dies at 97
Zhu Rongji helped push reforms that transformed China from a beleaguered hold-out against the collapse of Soviet-style Communism in the early 1990s to an emerging superpower.
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 — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
