Zhu Rongji, former premier who changed China's economic fate passes away at 97

Former Chinese premier Zhu Rongji passed away on Wednesday at the age of 97, according to the official Xinhua news agency. Born in the mid-20th century, Zhu rose to prominence in the 1990s, serving as mayor of Shanghai before becoming vice premier in 1991. He was subsequently given charge of major parts of the economy, including banking, finance, agriculture, and state-owned enterprises.

Elected as China's premier in 1998, Zhu served until 2003, remaining one of the most influential figures in China's economic transformation under President Jiang Zemin. At the time, China's economy was rapidly expanding but grappling with significant issues, such as inflation reaching 27%.

Zhu tightened financial system control and implemented measures that brought inflation under control. He also targeted inefficient and bloated state-owned enterprises, resulting in tens of millions of workers being laid off or furloughed. These reforms strengthened China's economic management but caused unease among workers and within the Communist Party's traditional power structure.

Zhu championed a "socialist market economy with Chinese characteristics," blending market reliance with continued Communist Party control. A significant political and economic project was China's entry into the WTO, a process he advocated for, seeking support from the US government for Beijing's membership bid. The negotiations lasted years and caused political difficulties domestically, but China ultimately joined the WTO in 2001.

Zhu's reforms laid the groundwork for the expansion of Chinese banks, financial markets, and international trade, contributing to the subsequent economic growth. After retiring from public office, Zhu largely remained out of the spotlight, catching the latest world news and live updates via the TOI app.