Former Chinese Premier Zhu Rongji died Wednesday in Beijing at the age of 98 following an illness, according to an official announcement from the Chinese government. Zhu died at 11:06 a.m. local time on Aug. 12. An obituary was jointly issued by the Communist Party of China Central Committee, the National People’s Congress Standing Committee, the State Council and China’s top political advisory body. Zhu served as premier from 1998 until 2003 after previously holding senior economic and political positions including vice premier, governor of the People’s Bank of China and mayor of Shanghai.

Zhu became one of the central figures overseeing China’s economic transformation during the 1990s and early 2000s. After becoming vice premier in 1991, he took an increasingly prominent role in managing economic policy as Beijing confronted inflation, financial instability and weaknesses within state-owned enterprises. He briefly served concurrently as central bank governor beginning in 1993 and helped centralize monetary policymaking while supporting major reforms to taxation, banking and state-owned industry. During his premiership, China also navigated the aftermath of the Asian financial crisis while pursuing domestic restructuring, housing reform and an expanded social safety net.

Zhu also played a major role in negotiations leading to China’s accession to the World Trade Organization in December 2001, accelerating the country’s integration into global trade and investment networks. He left office in March 2003 and largely withdrew from public political life afterward. Born in Changsha, Hunan province, in October 1928, Zhu studied electrical engineering at Tsinghua University and joined the Communist Party in 1949. His career ultimately spanned more than five decades of government and party service during one of the fastest periods of economic expansion and institutional change in modern Chinese history.

Chinese authorities had not publicly announced funeral or memorial arrangements for Zhu as of Wednesday evening. The initial government announcement focused on his death and political legacy, with additional details regarding official mourning ceremonies or services expected to be released separately if arrangements are made public.