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🇰🇷 South Korea /Economy & Trade

Former Chinese Premier Zhu Rongji, architect of market economy transition, dies at 98

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Official statement Outcome reported
  • Former Chinese Premier Zhu Rongji, who spearheaded the country's transition to a market economy, has died at the age of 98.
  • Zhu served as premier from 1998 to 2003, overseeing significant economic reforms including state-owned enterprise restructuring and WTO accession.
  • Known for his strong leadership and anti-corruption efforts, he was often called the "economic czar."

Zhu Rongji, the former Chinese premier credited with guiding the nation's pivotal shift towards a market economy, has passed away at the age of 98. His death was announced by Chinese state media, marking the end of an era for a leader who profoundly shaped modern China.

Born in 1928, Zhu was a prominent economic technocrat who graduated from Tsinghua University. He held various key positions, including mayor and party secretary of Shanghai, before ascending to the State Council as vice premier in 1991. He then served as premier from March 1998 to March 2003.

During his tenure, Zhu was instrumental in navigating China's transition from a planned economy to a socialist market economy. He is lauded for stabilizing the economy as governor of the People's Bank of China in 1993 and for establishing the fundamental framework of China's fiscal system through the "tax-for-revenue" reform in 1994.

As premier, Zhu aggressively pushed for the restructuring of state-owned enterprises and reforms in the financial, fiscal, and housing sectors. This process led to the closure of inefficient smaller enterprises and the dismantling of the lifelong employment system, resulting in millions of urban workers losing their jobs. His forceful approach earned him the nickname "economic czar."

His most significant achievement is widely considered to be China's accession to the World Trade Organization (WTO) in 2001, which expanded foreign trade and spurred domestic economic reforms, laying the groundwork for China's rise as a global manufacturing hub. Zhu was also known for his direct speaking style and his commitment to fighting corruption, earning him the moniker "Bao Zheng of our times" for his integrity.

After retiring in 2003, Zhu largely withdrew from public life. However, his legacy continued to resonate, with his published works, such as "Zhu Rongji Answers Questions from Journalists" and "Zhu Rongji's Speeches," becoming popular and fueling a nostalgic public sentiment for the reformist leader.

Prepare 100 coffins. 99 of them are for them, and the last one is for me.

— Zhu RongjiRecounting his strong stance against opposition during the initiation of China's economic reforms in 1993.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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