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Zhu Rongji reshaped China’s economy during 1998 to 2003 tenure
The former premier helped engineer a soft landing in the late 1990s, tackle debt-linked financial strains that had left banks and state firms entangled, and lay groundwork for China’s WTO entry.
SCMP Economy revisits the record of Zhu Rongji, China’s former premier, describing him as a key architect of the country’s shift from a rigid planned system toward a more market-driven economy connected to global trade.
According to the outlet, Zhu served as premier from 1998 to 2003, during which he is credited with engineering an economic “soft landing,” steering China through the Asian Financial Crisis, and securing the path for China’s entry into the WTO. The piece also cites his earlier role as Shanghai’s mayor, when he focused on exports and pushed forward construction of the Pudong New Area as an economic development zone.
SCMP Economy also highlights Zhu’s appointment as governor of the People’s Bank of China in 1993, when the outlet says China’s financial and payments system faced major strains. It describes “triangular debt” as a chain of debts among companies that can paralyze economic activity, involving Company A owing Company B, Company B owing Company C, and Company C owing Company A.
The story further includes a quote from Zhu’s 1987 speech as a candidate for Shanghai mayor, emphasizing independent thought and practical follow-through as qualities he said Shanghai needed at the time.