The former Chinese Premier, Zhu Rongji, has passed away at the age of 97 in Beijing on Wednesday, according to Xinhua, China’s state news agency. He played a pivotal role in steering China toward global trade, thereby laying the foundation for the country’s rapid economic growth.
Between 1998 and 2003, he held one of the country’s second-highest official positions. During his tenure, China joined the World Trade Organization (WTO). This period saw Chinese factories open up to the international market, drawing substantial foreign investment into the nation.
Zhu was considered one of the most influential economic reformers. His initiatives included transferring tax authorities from the provinces to the central government, closing down or privatizing deficit-ridden state-owned enterprises, and promoting homeownership.
