Hong Nam-ki: "Beware of Excessive Liquidity Entering the Real Estate Market... Monitor Closely"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the expanded executive meeting of the Ministry of Economy and Finance held on the 15th at the Government Complex Sejong.

[Asia Economy Reporter Kwangho Lee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, instructed on the 15th, "There are concerns about excessive market liquidity, especially the inflow of this liquidity into the real estate market," and said, "Closely monitor the financial and asset market situation."

Deputy Prime Minister Hong presided over an expanded executive meeting held at the Government Sejong Complex on the same day and said, "Considering the recent ultra-low interest rate environment, review whether there are ways for market liquidity to be absorbed into decent private investment projects using Build-Transfer-Operate (BTO) and Build-Transfer-Lease (BTL) models."

He continued, "Ensure that major policy schedules such as the National Assembly review of the 3rd supplementary budget bill, the tax reform plan next month, and the submission of the next year's budget in August proceed smoothly," and urged, "Prepare thoroughly and respond carefully to key fiscal issues that may become contentious during this process, such as national debt, fiscal deficit, and fiscal rules."

Deputy Prime Minister Hong emphasized, "Until now, efforts have been relatively focused on minimizing damage from COVID-19 and preparing measures to overcome the crisis, but from now on, it is important to ensure the firm on-site implementation of the measures already announced," adding, "Execution must be timely without missing the opportunity."

He also added, "I will actively expand on-site visits," and instructed, "Prepare related schedules and arrangements."

Furthermore, Deputy Prime Minister Hong mentioned, "Complete the comprehensive plan for the Korean New Deal and the post-COVID response measures in the economic and industrial sectors, scheduled to be announced in July, by the end of this month."

Meanwhile, Deputy Prime Minister Hong awarded a 'Letter of Recognition' to a total of 20 Ministry of Economy and Finance employees, including 16 administrative officers and 4 clerks, who worked hard during the COVID-19 response process.

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