Even Within the People Power Party, Opinions Divided on Economic Democratization: "Principled Support, but Disagreement on Details..."

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Kim Jong-in, the Emergency Committee Chairman of the People Power Party, has effectively accepted the Democratic Party's 'Fair Economy 3 Acts' for regular parliamentary session processing, causing division within the party. Possibly due to the impact of revising the People Power Party's platform to reflect economic democratization, the party is taking a cautious stance, saying, "In principle, we agree, but there are parts that need to be examined in detail," rather than openly opposing it. On the other hand, Kim Byung-joon, the Sejong City Party Chairman who served as Emergency Committee Chairman of the People Power Party's predecessor, the Liberty Korea Party, expressed opposition and publicly criticized Chairman Kim.

A People Power Party lawmaker A, who requested anonymity, said in a phone interview with Asia Economy on the 18th that they hold a "principled agreement but cautious on details" stance, stating, "Economic democratization is necessary, and it is true that various parts of the (Fair Economy 3 Acts) should be promoted, but if there are elements that shrink the economy or have negative effects, the timing and content should be adjusted." He pointed out, "Even if the big picture from the general perspective that Chairman Kim talks about is maintained, the effects of this bill need to be considered," adding, "While the government's economic policy during the COVID-19 phase is pursuing investment and job expansion, this bill raises concerns about shrinking new investments amid COVID-19." Earlier, Chairman Kim had taken a firm stance, saying, "The establishment of the system is separate from COVID-19," in response to concerns that the Fair Economy 3 Acts could harm companies struggling due to COVID-19.

Another lawmaker said, "The need to amend the Commercial Act and the Fair Trade Act is Chairman Kim's own conviction and theory, but the details of 'to what extent' have not yet been decided," adding, "The Democratic Party is trying to change corporate governance to the extent that it becomes difficult for companies to operate, but it does not mean we agree with that." Within the party, there had been opposition to the Democratic Party's Fair Economy 3 Acts, but with Chairman Kim, the party leader, expressing a strong will to promote economic democratization, it seems difficult to openly voice opposition.

Meanwhile, Kim, the Sejong City Party Chairman, said, "The ambiguous attitude of the ruling party regarding the amendment to the (Commercial Act and Fair Trade Act) and Chairman Kim's supportive remarks are very regrettable," adding, "As a party supporting a free market economy, I hope they will fundamentally consider the relationship between the market and the state." On the other hand, lawmaker Jang Je-won urged strong promotion of economic democratization, saying, "We must not hesitate in reforming conglomerates and creating a fair market economy order against economic power."

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