China’s bold economic tsar who drove sweeping SOE reforms and secured WTO entry has died aged 97
7-MIN READ7-MIN ListenJosephine MaandKhushboo RazdanPublished: 12:11am, 13 Aug 2026Updated: 12:23am, 13 Aug 2026“Regardless of what lies ahead – be it a minefield or a deep abyss – I will forge ahead unswervingly, dedicating my entire life and energy to the country until my dying day.”
His remarks at a press conference in 1998 came as China was undertaking sweeping state-owned enterprise (SOE) reforms that caused widespread job losses, even as it reeled from the 1997 Asian financial crisis.
Zhu, dubbed China’s economic tsar by the media, was known for his determination to steer the country through the rough waters of reforms and external shocks during his tenure as vice-premier and premier between 1991 and 2003.
He shook up the centrally planned economy, overhauled the state-owned business sector, fought corruption, revamped the tax system and secured China’s entry to the World Trade Organization – changes that some economists say brought about a historic transformation in China’s economic system, ushering in a modern state and making it an integral part of the world economy.
His straight-talking, no-nonsense style earned him a host of nicknames – including “iron-face Zhu”, “no-nonsense leader”, “problem solver”, “fire-brigade captain”, “crisis manager” and “troubleshooter”.
