Former Chinese Premier Zhu Rongji dies aged 97

Zhu Rongji, the former premier credited with driving China's economic transformation through market reforms, has died from illness at the age of 97, state media reported Wednesday. Zhu's leadership was instrumental in guiding China from a centrally planned economy to a more market-oriented system, a period marked by extraordinary economic expansion.

After graduating from Tsinghua University and joining the Communist Party in 1949, Zhu experienced political upheaval during the Cultural Revolution. He later rose through the ranks, serving as Shanghai mayor before moving to Beijing in 1991. In national government, he spearheaded reforms that reshaped China's economic landscape. These included privatizing or closing many state-owned enterprises, centralizing tax authority, and initiating housing reforms that spurred a real estate boom.

A significant achievement of Zhu's premiership was navigating China's arduous entry into the World Trade Organization in 2002. Despite concerns from some Chinese officials about concessions made during negotiations, his efforts ultimately integrated China more deeply into the global economy. However, his legacy is not without critique; some observers point to policy missteps in areas like grain distribution and state factory closures that left challenges for his successors.

Despite these criticisms, figures like Zhou Ruijin, a former senior editor of the People's Daily, have lauded Zhu's era for fostering a spirit of reform and nurturing risk-takers essential for developing a market economy. Zhou suggested in a 2011 interview that contemporary leaders could still learn from Zhu's bold approach to reform, indicating that significant steps in this direction remain possible.

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The Zhu Rongji era was one of promoting big reforms, and it nurtured a group of brave risk-takers who were at the forefront of pioneering sa market economy. Today ... there is still potential for big steps in reform.