Zhu Rongji, former Chinese premier and reform architect, dies at 97

Zhu Rongji, who served as China's Premier from 1998 to 2003 and was widely credited with steering the country's economic transformation, died on Wednesday in Beijing at the age of 97. The official Xinhua news agency reported that he died of illness, and an obituary issued by the ruling Communist Party described him as an outstanding leader of the Party and the State.

Known as 'Boss Zhu' for his decisive style, Zhu was a central figure in the reform era launched by Deng Xiaoping. Before becoming Premier, he led the central bank as governor and served as a Vice Premier. He played a key role in managing inflation during the 1990s and helped insulate China's economy from the Asian Financial Crisis of 1997-98.

As Premier, Zhu undertook some of the most consequential economic reforms in modern China's history. He reorganised and downsized state-owned enterprises, which led to job losses and the end of the 'iron rice bowl' of guaranteed employment. He also recapitalised and reformed the banking system, privatised the housing market and completed negotiations for China's entry into the World Trade Organisation in 2001. These steps are widely recognised as laying the foundation for China's rapid economic growth in the following decades.

Born in October 1928 in Changsha, Hunan province, Zhu graduated from Tsinghua University. During the 'Anti-Rightist' campaign of the late 1950s, he spoke out against the excessive focus on high growth and was subsequently labelled a 'Rightist' and expelled from the Communist Party. During the Cultural Revolution (1966-76), he was sent to perform manual labour along with many other intellectuals.

After Mao Zedong's death, Zhu was rehabilitated under Deng Xiaoping's leadership. In the late 1980s, he was sent to lead Shanghai, first as mayor and then as party secretary. He oversaw the development of the Pudong area, transforming it from farmland into a hub for foreign investment, and helped open up the city's economy.

In the early 1990s, Zhu was brought to Beijing to help stabilise the economy. As governor of the People's Bank of China and later as Vice Premier, he implemented measures to bring down inflation and promote market-oriented reforms. In 1998, he became Premier, succeeding Li Peng.

Zhu's term as Premier was marked by difficult but far-reaching structural changes. The downsizing of state-owned enterprises created significant social dislocation, yet it also improved efficiency and competitiveness. His reforms to banking and housing laid the groundwork for a more market-based economy.

In January 2002, Zhu visited India as the guest of then-Prime Minister Atal Bihari Vajpayee. During the visit, he emphasised the similar conditions of the two countries and called for greater economic cooperation. He said India and China, both engaged in comprehensive economic reforms, should compare notes and learn from each other. At the time of his visit, bilateral trade stood at around $4 billion; within a decade, it grew to more than $70 billion, reflecting the closer ties Zhu encouraged.

Zhu is remembered as one of the most effective economic leaders in the history of the People's Republic. His death marks the passing of a key figure from the generation that steered China's transition to a global economic power. Tributes have noted his commitment to reform and his pragmatic approach to governance.