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Former Chinese central bank chief calls for end to ‘hukou’ red tape

Former Chinese Central Bank governor, Yi Gang, has called for the relaxation of "hukou" household registration rules, which restrict people from easily moving to live and work in other cities. Yi argues that reforming the system could boost consumption by migrant workers and new arrivals to a city by 23%. The Chinese government has implemented limited reforms to the hukou system in recent years, but some commentators, including Yi, have called for its complete abolition. The government is under pressure to improve economic performance, but faces challenges in financing stimulus packages due to high levels of debt.

The post Former Chinese Central Bank Chief calls for end to ‘hukou’ red tape appeared first on Balanced News Summary.



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Former Chinese central bank chief calls for end to ‘hukou’ red tape

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