Zhu Rongji’s legacy still shapes Hong Kong confidence
HK01 · 1 SOURCESabout 1 hour ago2 MIN
Summary
Former Chinese premier Zhu Rongji died in Beijing on August 12, 2026, at the age of 98, and the official obituary specifically said that during his premiership he firmly safeguarded the prosperity and stability of Hong Kong as an international financial centre. The commentary argues that Zhu’s importance to Hong Kong lay not only in memorable remarks, but in the governing philosophy behind them: confronting deep-seated problems directly and refusing evasive politics. It traces his ties with Hong Kong from before the 1997 handover through the Asian financial crisis and the city’s post-crisis restructuring debate. It also says his confidence in Hong Kong rested on both China’s reform-era fiscal capacity and his belief that no city could quickly replace Hong Kong’s institutional strengths
Key Points
- On March 19, 1998, at his first press conference as premier, Zhu vowed to press ahead without hesitation, a message broadcast widely less than a year after Hong Kong’s return
- The article says Zhu built credibility through anti-corruption drives, tax and fiscal restructuring, state-sector reform, WTO negotiations, and trillions of yuan in bonds for infrastructure
- As Shanghai mayor in June 1990, he visited Hong Kong and rejected the idea that Shanghai would replace Hong Kong, stressing complementarity instead of zero-sum rivalry
- During the 1997 Asian financial crisis, Zhu defended the Hong Kong dollar’s peg, warned against shaking confidence, and backed all measures taken by the SAR government
- In November 2002, while visiting Hong Kong for the World Congress of Accountants, he urged economic restructuring, joked about deficits, and declared Hong Kong would not be allowed to fail
Why It Matters
For Hong Kong readers, the piece revives a period when Beijing’s public commitment to the city’s financial stability was treated as a decisive source of market confidence. It also links today’s governance debate to Zhu’s earlier warning that prosperity had bred bubbles and hidden risks, suggesting unresolved structural issues can carry long-term costs