Previous article
Former Chinese Premier Zhu Rongji Dies at 98
Economy
Zhu Rongji, who served as China's premier from 1998 to 2003,
died Wednesday morning in Beijing, the official Xinhua News Agency reported. He was 98.
Zhu died after treatment for an illness failed, Xinhua reported, without providing details about the nature of the illness.
During his premiership, Zhu steered China's economy through the 1997 Asian financial crisis and periods of double-digit inflation. Before becoming premier in 1998, he led the country's economic planning.
As premier, Zhu restructured China's state-owned enterprises, closing tens of thousands of companies in sectors such as telecommunications, banking, and oil production. The closures, which affected millions of workers, were aimed at reducing debt levels and stimulating private sector growth.
Zhu also played a key role in China's accession to the World Trade Organization.
Subsequent Chinese administrations have pursued different economic approaches. President Xi Jinping promotes the concept of a "stronger, better, and bigger" state-controlled economy designed to serve national strategic interests.