Korva is a scroll of the internet’s best ideas.
Reform legacy
Zhu was frequently compared to Margaret Thatcher because of his free market reforms. His defining achievement was steering China into the World Trade Organization in 2001, a deal that doubled China's economy within five years and helped China overtake the US as the world's largest manufacturer by 2010.
Career
Born in Hunan, Zhu studied electrical engineering at Tsinghua, became mayor and then party secretary of Shanghai, and served as vice premier managing the economy in the early 1990s before becoming premier. He was premier under Jiang Zemin, whose centenary fell within two weeks of Zhu's death and was marked with celebrations led by Xi Jinping and the Communist Party.
Reaction online
On Weibo, one post about Zhu drew 190 million views, a huge number for someone out of the public eye since 2003. Other users criticized him over the layoffs, describing relatives who lost their jobs and never got back on their feet.
Why did China's WTO entry take 15 years?
China applied to join the General Agreement on Tariffs and Trade in 1986, and negotiations dragged on for 15 years because members sought changes to tariffs, state subsidies, and market access. Zhu traveled to Washington in April 1999 in a bid to close a deal, and a bilateral agreement with the US followed in November of that year. China formally became a WTO member on December 11, 2001.
How did China overtake the US in manufacturing?
Low labor costs, a large pool of workers, and a dense network of ports and suppliers drew factories to China's coast. WTO membership gave exporters predictable access to foreign markets. The research firm IHS Global Insight estimated that China passed the US in manufacturing output in 2010, ending a lead the US had held for roughly 110 years.
How did Zhu shape Shanghai's rise?
Zhu was mayor of Shanghai from 1988 and party secretary from 1989. In 1990 Beijing announced the development of Pudong, the area east of the Huangpu River, as a new financial and commercial zone. The Shanghai Stock Exchange reopened in December 1990 after decades of closure.
More from The Prof G Pod with Scott Galloway
