Zhu, who served as China’s premier from 1998 to 2003, is remembered for shaking up the centrally planned economy, overhauling the state-owned enterprise (SOE) sector and tackling corruption.
He was the mastermind behind negotiations for China’s World Trade Organization (WTO) entry in 2001, which opened China up to the international market and ushered in major changes in the Chinese economy.
Working under former Communist Party leader Jiang Zemin, Zhu led the modernisation of China’s taxation and financial systems, which were fundamental to economic reform.
Zhu also played a key role in ensuring the smooth handover of Hong Kong in 1997, and led Beijing’s handling of the Asian financial crisis in 1997 and 1998.
In a statement on Wednesday, Hong Kong Chief Executive John Lee Ka-chiu thanked Zhu for his support to the city, while expressing his deepest condolences on his passing.