1 rich Libsyn https://www.libsyn.com 90 600 Brief: Zhu Rongji went from being branded a political outcast to becoming one of the most important economic reformers in modern Chinese history. As mayor of Shanghai, vice premier, central bank governor and eventually premier, he helped tackle inflation, restructure China’s huge state-owned sector and push the country toward greater integration with the global economy. In this episode, Skip Montreux and Dez Morgan look back on Zhu Rongji’s remarkable life and career, from his difficult early years to his role in transforming Shanghai and helping bring China into the World Trade Organization. Overview: Skip and Dez begin with Zhu’s early life in Changsha, Hunan. Orphaned as a child, he went on to study electrical engineering at Tsinghua University before beginning a career in industrial and economic planning. But his career was interrupted after he criticized problems in government economic policy during the 1950s. Zhu was branded a ‘rightist’, expelled from the Communist Party and later sent to the countryside. His political fortunes changed in 1978, when his rightist designation was overturned and his Party membership restored. Zhu quickly rose through China’s economic bureaucracy before being sent to Shanghai, where he became mayor in 1988 and later the city’s top Party official. There, he promoted foreign investment, infrastructure development and financial reform as Shanghai began its transformation into a major international business center. Skip and Dez then look at Zhu’s move to Beijing and his role in dealing with China’s overheating economy during the early 1990s. With inflation reaching around 24% in 1994, Zhu helped tighten bank lending and reform taxation, banking and foreign exchange. China eventually achieved a ‘soft landing’, reducing inflation while maintaining economic growth. They also examine the much more painful restructuring of China’s state-owned enterprises. After becoming premier in 1998, Zhu accelerated the closure and restructuring of loss-making companies, forcing businesses to become more efficient but also contributing to millions of workers losing their jobs. Finally, Skip and Dez explore what became one of Zhu’s defining economic projects — China’s entry into the World Trade Organization. After almost 15 years of negotiations, China officially became the WTO’s 143rd member on December 11, 2001. The move opened China further to international trade and investment and helped accelerate its integration into global manufacturing and commerce. Insights: This episode gives listeners an introduction to Zhu Rongji and an important period in China’s economic development while building useful Business English and economic vocabulary. In this episode, you will learn: How Zhu Rongji went from political outcast to one of China’s most senior leaders. How his work in Shanghai helped modernize the city’s economy. How China brought inflation under control during the 1990s. Why reforming state-owned enterprises created both economic change and major social costs. Why China’s 2001 entry into the WTO became such an important moment for the Chinese and global economies. In Summary: Zhu Rongji’s career followed an extraordinary path. After being expelled from the Communist Party and spending years on the political sidelines, he returned to government and eventually became one of the most powerful economic policymakers in China. His reforms were often difficult and disruptive. But during his years in Shanghai and Beijing, Zhu played an important role in changing China’s financial system, restructuring its state-owned industries and opening the economy further to international trade and investment. China’s entry into the WTO in 2001 marked the culmination of much of that work and helped set the stage for the country’s emergence as one of the world’s leading manufacturing and trading powers. Do you like what you hear?Become a D2B Member today to access exclusive content, including interactive audio scripts, downloadable PDFs, bonus vocabulary episodes, and more! Down to Business English: Business News to Improve your Business English https://downtobusinessenglish.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/43033738/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/content/206683048