Lee Ho-seung, Blue House Economic Secretary, "Real Estate Stability Effects to Be Confirmed More Clearly Soon"

CBS Radio Kim Hyun-jung's News Show Appearance... "If a Supervisory Organization Is Established, Real Estate Market Stabilization Functions Will Be Organically Integrated"

[Asia Economy Reporter Ryu Jeong-min] Lee Ho-seung, the Chief Economic Secretary to the Blue House, appeared on CBS Radio's 'Kim Hyun-jung's News Show' on the morning of the 12th and emphasized regarding President Moon Jae-in's claim about stabilizing the real estate market, "Since follow-up measures are being carried out with strong determination, the market stabilization effect will be more clearly confirmed soon."

Lee said, "We believe that the downward stabilization trend will continue in the future. The policy package has been completed in aspects such as taxation, loan regulations, and supply expansion," adding, "In my view, it is impossible to realize unearned income by holding high-priced multiple homes, short-term investments, gap investments, or using corporations for indirect investments."

Lee also expressed a positive view on the establishment of a real estate market supervisory organization. He said, "If a real estate market supervisory organization is established, it will organically integrate the real estate market stabilization functions scattered across various institutions," and added, "It will have significantly stronger functions and roles than now. If such a thing is necessary, preparations should be made."

[Image source=Yonhap News]

Regarding concerns that the supervisory organization might intervene in the real estate market, Lee explained, "Like the management of the stock market, if market disruption causes harm to many people and has a negative economic impact, removing such disruptive acts helps activate the market."

Meanwhile, regarding the OECD's upward revision of South Korea's economic growth rate this year, Lee said, "June's industrial production and consumption investment indicators are favorable. July exports quickly recovered with a single-digit decrease," and predicted, "In the third quarter, there will be a V-shaped rebound recovering about half of the previously retreated growth rate."

However, Lee added, "The OECD also assumes that the global COVID-19 situation should not worsen further, which is important," and stated, "if the global economic situation improves, it could be an opportunity for a larger-scale export recovery."

Additionally, regarding the issue of the 4th supplementary budget (supplementary budget) formulation, Lee said, "For now, there are available funds such as contingency funds and disaster-related funds, so mobilizing these resources quickly to restore damages and promptly taking measures such as designating special disaster areas if necessary is the way to minimize the economic impact."

Lee added, "Currently, I think the priority is to execute the existing funds as quickly as possible."

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