Zhu oversaw China's economic policy for more than a decade from the early 1990s, first as vice premier and later as premier, CNN reports.
He implemented a series of sweeping changes to liberalise the economy, including the privatisation of unprofitable state-owned companies.
Internationally, he is best known for leading China's entry into the World Trade Organization (WTO) in 2001, paving the way for double-digit growth that transformed China into a global superpower.
China's ruling Communist Party, in an official obituary, praises Zhu's role during a "crucial stage" when the country "transitioned from a planned economy to a socialist market economy."
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