Government Promotes 'Fair Economy Achievements'... "Will Focus Capabilities on Experiencing Change"

[Sejong=Asia Economy Reporter Joo Sang-don] The Fair Trade Commission (FTC) published the "Collection of Fair Economy Achievements" on the 22nd, which contains the achievements in the field of fair economy since President Moon Jae-in took office. This is the first time that the achievements of the fair economy have been published in the form of a data collection during the Moon Jae-in administration.

This collection includes an evaluation of the policy achievements carried out by the Moon Jae-in administration over the past two and a half years, along with 40 major achievements.

An FTC official stated, "The government has focused on establishing the institutional foundation of a fair economy and eradicating unfair practices," adding, "As a result, gradual changes are appearing in the market as well."

According to the FTC, the percentage of respondents who answered that transaction practices have improved compared to the previous year increased from 86.9% in 2017 to 95.2% in 2019 in the subcontracting sector. During the same period, franchising improved from 73.4% to 86.1%, and distribution improved from 84.1% to 94.2%.

The circular shareholding chains also significantly decreased. For publicly disclosed business groups, the number dropped from 282 in 2017 to 13 last year, and for mutually restricted investment groups, it decreased from 93 to 4.

Along with this, the FTC cited consumer rights protection and the establishment of a fair taxation foundation as major achievements. The FTC revised terms and conditions to allow refunds for professional baseball season tickets even after the season started and improved the non-refundable policy of overseas hotel reservation sites. It also amended related notifications to set the penalty fee limit for yoga and Pilates, which previously had no penalty fee standards, to within 10%, the same as for health clubs. Furthermore, the FTC promoted the establishment of a fair taxation foundation through adjustments to the highest income tax rate, raising the highest corporate tax rate, and increasing the monthly rent tax credit rate.

Meanwhile, the collection of achievements will be made available at civil service offices in cities, counties, and districts nationwide, as well as at town, township, and neighborhood community centers and various public institutions, to explain the specific achievements of fair economy policies in an easy-to-understand manner and to enable citizens to utilize them in their daily lives.

Going forward, the FTC plans to continuously focus its policy capabilities to ensure that citizens can tangibly feel definite changes in their lives through a fair economy.

This content was produced with the assistance of AI translation services.