Zhu Rongji’s Hong Kong visit still resonates
SCMP · 1 SOURCESabout 1 hour ago2 MIN
Summary
Former Chinese premier Zhu Rongji was remembered in Hong Kong after his death on Wednesday at the age of 97, with political and business figures highlighting a 2002 visit that helped steady confidence during an economic slump. At a dinner at Government House in late 2002, Zhu delivered an unscripted speech urging Hong Kong’s establishment not to fear a ballooning deficit and even joked that he would be first to buy 50-year Hong Kong bonds issued on the mainland. Former chief executive Donald Tsang Yam-kuen said Zhu’s confidence helped Hong Kong confront fiscal deficits, high unemployment and widespread negative equity as the city was still recovering from the 1998 Asian financial crisis. Lau Siu-kai, then head of the Central Policy Unit, said Zhu’s support had a stabilising effect and left a lasting impression through both candour and humour
Key Points
- In late 2002, Zhu Rongji visited Hong Kong as the city’s establishment struggled with an economic slump and a widening fiscal deficit
- Speaking at Government House, Zhu asked guests what there was to fear even if Hong Kong spent all its fiscal reserves within three years
- Zhu said that if Hong Kong issued 50-year long-term bonds on the mainland, he would be first in line to buy them
- Donald Tsang said Zhu’s visit galvanised confidence when Hong Kong faced deficits, high unemployment and widespread negative equity after the 1998 crisis
- Lau Siu-kai recalled feeling consoled, saying Zhu was approachable, humorous and stabilising despite the many pressures he faced
Why It Matters
The recollections show how strongly Beijing’s public backing mattered to Hong Kong during a period of economic weakness and political anxiety. For Hong Kong readers, the episode remains a reference point for how confidence from top national leaders can shape local sentiment in times of financial stress