Prime Minister Jeong: "The Most Important Livelihood Issue is 'Housing Market Stability'... All Efforts Concentrated"

Tomorrow, Revised Data 3 Act Takes Effect... Personal Information Protection Commission Upgraded

Prime Minister Chung Sye-kyun is delivering opening remarks at the Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 4th. Photo by Jang Jin-hyung aymsdream@

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun said on the 4th, "The most important current issue for the people's livelihood is stabilizing the housing market."

At the 40th Cabinet meeting held at the Government Seoul Office on the same day, Prime Minister Chung expressed regret, saying, "Despite the government's efforts so far, market instability has not been resolved, and I feel sorry to the people."

He explained, "Today, a plan to expand housing supply was announced, and in the afternoon, 11 real estate-related legislative amendments, including the Comprehensive Real Estate Tax Act, will be submitted to the National Assembly plenary session. Following the 'Housing Lease Protection Act' that came into effect last week, a major framework for stabilizing the housing market, including supply expansion, speculation demand suppression, and protection of actual demand, is being completed."

He continued, "No matter how well-intentioned a policy is, to achieve the expected effects, it is important to restore market trust with clear and consistent messages and to fill gaps with meticulous execution. The Ministry of Land, Infrastructure and Transport and related ministries should thoroughly check the market situation and make special efforts for prompt and flawless policy implementation."

In particular, he urged, "Please explain the new system in detail to the public to prevent misunderstandings or confusion. This time, I repeatedly ask that all government capabilities be concentrated to stabilize the housing market without fail."

Prime Minister Chung also mentioned, "The amended Data 3 Act will take effect from tomorrow. The Personal Information Protection Commission will also be elevated to a central administrative agency under the Prime Minister and launched. After long discussions and preparations, a new system that can harmoniously balance the utilization and protection of data is taking its first step."

Regarding the unusually long rainy season, Prime Minister Chung instructed, "Related ministries and local governments should focus above all on preventing further casualties and respond thoroughly with vigilance to minimize damage from the rain."

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