Zhang was born Zhang Shide (张世德) into a family of farming background in Feidong County, Anhui, on June 6, 1914. In 1930, he attended Nanjing Xiaozhuang School (南京晓庄学校), which was founded by Tao Xingzhi, a noted Chinese educator. He became an editor in Life Education (《生活教育》) in 1931. In the winter of 1932, he was a teacher, and then president of Dachangshan Haigong School (大场山海工学团).

He joined the Chinese Communist Party in December 1935 and worked in Shanghai. In 1937, after the outbreak of Second Sino-Japanese War, Shanghai was occupied by the Japanese army, he retreated to Wuhan, capital of Hubei province.

Zhang was appointed as the head of the Propaganda Department of Anhui provincial government in April 1938. One year later, he became the deputy director of Political Department of Jiangbei headquarters of the New Fourth Army. In January 1940, he was Communist Party Secretary of Jinpuludong province, and concurrently served as director of Political Department of Fifth detachment of the New Fourth Army. A year later, he became the deputy director of Political Department of Second division of the New Fourth Army. In February 1942, he served as a political commissar of Fourth Brigade of Second division of the New Fourth Army, and concurrently served as head of the Propaganda Department of Huainan.

After the founding of the People's Republic of China in 1949, he was appointed as Vice-Mayor and Deputy Communist Party Secretary of Hangzhou, capital of Zhejiang province.

In 1956, he became the Vice-President of the Chinese Academy of Sciences, serving as an assistant of President Guo Moruo.^[2][3]

In January 1975 he was promoted to become the Finance Minister of China, a position he held until August 1979. In 1980, he served as Governor and Communist Party Secretary of Anhui province, replacing Wan Li. In 1982, he was promoted to director of the State Economic Commission and State Councilor of China.

Zhang was elected a Standing Committee of the Central Advisory Commission at the 13th National Congress of the Chinese Communist Party.^[4]

Zhang died in Beijing on July 31, 2015.^[1] Zhang's body was cremated on August 6, 2015.^[1] China's seven senior leaders attended the funeral at Babaoshan Revolutionary Cemetery in west Beijing.^[1]

Zhang married Hu Xiaofeng (Chinese: 胡晓风), they had two sons, Zhang Bohai (Chinese: 张渤海) and Zhang Mao (Chinese: 张茅). Zhang Mao, who is married to the daughter of the former Vice Premier Gu Mu, serves as Minister of the State Administration for Industry and Commerce.^[5]