Former Chinese Premier Zhu Rongji, Economic Reformer, Dies at 97

Tributes for former Premier Zhu Rongji reflect nostalgia for an era when China was opening to the world and the future seemed more prosperous and hopeful.

Malaysian Prime Minister Anwar Ibrahim described Zhu as a good friend in a social media tribute, noting their work to strengthen economic ties and a personal bond. Singapore's Prime Minister Lawrence Wong called Zhu an old friend, highlighting his support for a joint economic megaproject, the US$20 billion industrial park in Suzhou, established in 1993 with Lee Kuan Yew. Former US Treasury secretary Larry Summers stated Zhu was as formidable an economic policymaker as any I have ever encountered.

Zhu Rongji, former Chinese premier, died on Wednesday, August 12, 2026, at the age of 97. Xinhua, China's official news agency, announced his death in Beijing of an unspecified illness. Zhu served as premier from 1998 to 2003. He is remembered for his role in integrating China's economy into the global system. He spearheaded China's accession to the World Trade Organization (WTO) in 2001, paving the way for an export boom.

This fueled China's transformation into the world's second-biggest economy. Zhu oversaw domestic market reforms, including closing hundreds of loss-making state enterprises and laying off some 30 million workers. He promoted entrepreneurship, introduced foreign management expertise, and revived Chinese enterprises. During his tenure as Shanghai's mayor from 1988 to 1991, Zhu restructured the city’s industrial base, focused on exports, and initiated the Pudong New Area development zone.

He recognized foreign direct investment as key to Shanghai's future growth. As governor of the People's Bank of China in 1993, he addressed triangular debt by injecting funds, establishing borrower responsibility, and allowing bankruptcies. He also steered the nation through the Asian Financial Crisis. Zhu was known for his sharp intellect, no-nonsense demeanor, and candid diplomacy.

Zhang Chongqing, honorary president of China Group Companies Association, described Zhu as intelligent, insightful, outspoken and decisive. Buchung Tsering, research director at the International Campaign for Tibet, stated that Zhu's legacy for Tibetans is one of increasing Beijing's political control through economic means.