The extraordinary achievements of Zhu Rongji’s market reforms and their contribution to China’s rise to global economic power are well known. Much ink has already been spilled in the news media since his death at the age of 97 was announced this week.

But if foreigners are supposedly suffering the deliberately mislabelled “China shock 2.0”, they may be more interested in whether Zhu and his reforms caused the original – and equally mislabelled – “China shock”.

Here, I start with a useful summary, from an American point of view, of “The China Shock and Its Enduring Effects”, a 2022 study by the Centre on China’s Economy and Institutions at Stanford University: “The impact of the China shock accounted for 59.3 per cent of all US manufacturing job losses between 2001 and 2019, mostly in labour-intensive manufacturing where fewer workers had college degrees.