Zhu Rongji’s death at 97 marks the end of an era in China’s economic history

Beijing, August 12 - Former Chinese premier Zhu Rongji, whose market reforms helped power China's remarkable economic growth, passed away from illness at the age of 97, according to state media. An obituary jointly released by China's top political figures, reported by Xinhua, confirmed that Zhu died in the capital city this morning "after medical treatment proved futile".

Zhu assumed the role of premier in 1998 and earned a reputation as a staunch advocate of free market principles. Among his most notable reforms were a comprehensive plan to privatize unprofitable state-owned companies, the privatization of urban real estate and the promotion of homeownership. Xinhua described Zhu as "an outstanding member of the Communist Party of China, a long-tested and loyal communist fighter," stating that his life "was a life of revolution, a life of struggle, a life of glory." It further noted that his passing represented a significant loss for both the Party and the nation.