Former People's Bank of China Governor Yi Gang has called for the relaxation of China's "hukou" household registration rules to stimulate domestic consumption and boost the property market. The "hukou" system restricts access to services and property ownership to natives of a given area. Yi suggests implementing city-specific policies and easier loan terms for landlords to boost housing demand. While some reforms have been made to the system, prominent commentators, including Yi, have called for its complete abolition to address regional inequality. However, it is uncertain whether such reforms would significantly impact consumption.
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