Even Kim Jong-in Does Not Oppose... Democratic Party Accelerates 'Fair Economy 3 Laws'

-Kim Jong-in "Are the Three Fair Economy Laws Anti-Market? ... The Expression Itself Is Wrong" ... Suggests Linked Passage with Economic Democratization
-Political Affairs Committee Chair Yoon Kwan-seok "Welcomes Chairman Kim's Willingness to Amend Laws for Fair Economy"
-Business Community Expresses Concern Over Potential Contraction of Corporate Management Activities

[Asia Economy Reporter Kang Nahum] The passage of the so-called Fair Economy 3 Acts (amendments to the Commercial Act, the Fair Trade Act, and the Financial Group Supervision Act), which focus on enhancing shareholder rights and strengthening checks on major shareholders, is expected to gain momentum in the National Assembly. This is because the ruling party has expressed a welcoming stance after Kim Jong-in, the Emergency Committee Chairman of the People Power Party, mentioned that he does not oppose amendments to the Commercial Act and the Fair Trade Act from the perspective of 'economic democratization,' thereby showing determination to pass the bills.

On the 17th, Chairman Kim told reporters that when asked about Kim Tae-nyeon, the floor leader of the Democratic Party of Korea's position on passing the Fair Economy 3 Acts during the regular session, "Generally, public opinion says these laws are anti-market, but that expression itself is wrong," adding, "Since these laws were created to supplement market order, there may be some changes in content during the National Assembly's deliberation process, but I am not in a position to reject the three laws themselves." This was a reiteration of his emphasis on linking the passage of the Fair Economy 3 Acts as part of 'economic democratization.'

Kim Jong-in, Emergency Response Committee Chairman of the People Power Party. / Photo by Yoon Dong-ju doso7@

Earlier, in an interview with Asia Economy on the 15th, Chairman Kim also stated, "Overall, the Fair Trade Act and the Commercial Act need to be amended," but added, "However, there will be parts that need to be changed during the future deliberation process."

The ruling party has welcomed Chairman Kim's stance. Yoon Kwan-seok, a Democratic Party lawmaker and chairman of the National Assembly's Political Affairs Committee, issued a statement that day saying, "We welcome Chairman Kim's determination to amend laws for a fair economy."

Yoon emphasized, "The Fair Economy 3 Acts are a 'necessary condition' for the maturation of the market economy. While future growth is not guaranteed by fair economy alone, there is absolutely no future or growth without it," adding, "By institutionally checking the monopolistic tendencies of large corporations and ensuring fair competition and market diversity, innovative growth led by strong small and medium enterprises becomes possible."

[Image source=Yonhap News]

He added, "As chairman of the Political Affairs Committee, I will cooperate and form alliances with politicians from both ruling and opposition parties who have wisdom and conviction so that the future of our economy is no longer sacrificed to the regressive private interests of a few vested powers, and I will do my best to pass the Fair Economy 3 Acts during the regular session."

Floor leader Kim also expressed a welcoming stance the day before, saying, "I welcome Chairman Kim's response. I hope the ruling and opposition parties cooperate to pass the Fair Economy 3 Acts during this regular session."

However, concerns are being raised in the business community. While countries around the world are focusing on policies, tax support, and deregulation to recover corporate performance and expand investment in new businesses to overcome the COVID-19 crisis, South Korea is insisting on amending anti-business laws that cause contraction in corporate management activities. In response to these concerns, Chairman Kim recently appeared to step back by explaining at a meeting with lawmakers that the media had excessively interpreted his remarks.

[Image source=Yonhap News]

Nonetheless, voices within the People Power Party are also supporting Chairman Kim's determination to promote 'economic democratization.' Jang Je-won, a People Power Party lawmaker, wrote on Facebook the day before, "I will watch how the People Power Party in 2020 pushes forward and realizes 'chaebol reform' and 'economic democratization,' which were not achieved under the Saenuri Party and the Park Geun-hye administration in 2012," adding, "If there is further wavering, it will face criticism as 'empty showmanship.'"

He emphasized, "Since the People Power Party has explicitly stated economic democratization as a core value of its platform and policies, it should not hesitate to confront economic power, pursue chaebol reform, and establish a fair market economy order."

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