Zhang was born in Qingtian County, Zhejiang, during the late Qing dynasty, on 4 March 1897.

In 1913, Zhang attended Hangzhou Provincial School of Business (杭州省立甲种商业学校), after graduating, he worked in Zhejiang Industry Bank.

In 1935, Zhang Naiqi and Ma Xiangbo found the Shanghai Cultural of National Salvation Association (上海文化届救国会).

After 1945, Zhang and Huang Yanpei found the China Democratic National Construction Association.

Zhang, Chen Shutong and Li Weihan founded the All-China Federation of Industry and Commerce in which he served as the vice chairman.