Not exact matches
Hundreds of millions of workers traveled from their
hukou areas to wherever there were jobs, in particular big cities such as
Beijing, Shenzhen and Shanghai.
It might be in principle possible to pull this off if
Beijing is able to transfer 2 - 4 % of GDP from the state or elite sector to the household sector by reforming the
hukou system, land reform, privatizations, and other transfers, but of course we shouldn't assume that this level of household income growth will be easy to maintain once investment growth, and with it GDP growth, drops sharply.
I have used a fall in exports to show how constrained
Beijing's policy choices are, but I could just have easily done the same using as an example any change in the currency regime, the reform of the
hukou system, the de-industrialization of the bankrupt northeast provinces, the development of the OBOR and Silk Road projects, changes in interest rates or minimum reserves, protecting the stock market from crashing, the provincial bond swaps, changes in the tax regime, improving energy and environmental policies, and so on.