Former Chinese Premier Zhu Rongji, a pivotal figure in the nation’s economic transformation, has passed away at the age of 97. His death was reported by state media, which highlighted his significant contributions to China’s robust economic growth.

An obituary released by the leading political institutions in China stated that Zhu led a “life of glory,” as reported by the state news agency Xinhua. His tenure was marked by extensive market reforms aimed at revitalizing the economy, which included privatizing unproductive state-owned enterprises and fostering home ownership.

Zhu is widely recognized for his role in catalyzing China’s remarkable economic expansion during the 1990s, which included integrating the country into the World Trade Organization (WTO). Local reports indicate that he passed away due to illness in Beijing on Wednesday morning.

Having previously faced exile in rural areas for advocating reforms seen in other communist nations, Zhu took on the role of premier from 1998 to 2003. He spearheaded an ambitious agenda that sought to transform state-owned enterprises into more efficient and profitable entities, often facing resistance from conservative elements within the Communist Party and leaders of state industries.

These reforms, while resulting in millions of job losses, ultimately positioned China as the second-largest economy in the world by surpassing Japan in 2010. Building on the groundwork laid by former leader Deng Xiaoping’s reforms initiated in 1979, Zhu was instrumental in achieving key milestones, including China’s entry into the WTO, which significantly bolstered the nation’s status as the largest exporter globally.

Under his leadership, economic growth remained consistently above 8 percent annually from 2000 to 2010, peaking at an impressive 14.2 percent in 2007. In 1998, he ignited a housing boom by initiating the sale of state-owned apartments, leading to a rapid increase in private ownership of urban housing within a decade.