Kim Jong-in: "It's Not Right to Say the Fair Economy 3 Laws Are Always Problematic"

"If there are issues in the bill review process, they will be corrected"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Kim Jong-in, the emergency committee chairman of the People Power Party, stated on the 24th regarding the so-called ‘Fair Economy 3 Laws’?the amendments to the Commercial Act, the Fair Trade Act, and the Financial Group Supervision Act?“I do not think it is right to say unconditionally that there is a problem or that these are anti-market laws without discussing the specifics now.”

At a discussion hosted by the Broadcast Journalists Club that day, Chairman Kim said, “If one thinks there is a problem with the law, they can express their views during the legislative process, and if accepted, those will be reflected.”

Kim explained, “We need to understand why this law was proposed. During the economic growth process, the government tended to tolerate companies even if they committed somewhat illegal acts. Through that process, many significant contradictions have accumulated in our economy.” He continued, “Because those contradictions were not resolved, after the IMF crisis, polarization intensified extremely, and corporate concentration emerged. One cannot help but wonder if this is the right situation for the future of the Korean economy.” He added, “I think the law is being submitted to enable a return to a normal situation.”

Chairman Kim pointed out, “It is difficult to accept that the provisions in the Commercial Act amendment are labeled as economic democratization clauses.” He said, “The reason for proposing such amendments to the Commercial Act was to correct corporate behaviors observed so far, which should not continue. Even if the amendment passes as it currently stands, it is hard to conclude that it will cause major problems in running companies.”

Kim stated, “When a system is established, companies conduct economic activities within that framework without significant issues.” He added, “If there are problematic situations during the bill review process, naturally, they will be amended during legislation. If you start with the mindset that this law is no good or that it is a law that strangles companies, you cannot do anything.” He also said, “Looking at the practices of corporate economic activities so far, just because the law stipulates something does not mean those people cannot conduct economic activities.”

Regarding opposition from party lawmakers, Kim said, “Since there are quite a few lawmakers, it is inevitable that some express this opinion and others that opinion,” and added, “I do not think that itself necessarily has a decisive impact on the legislative process.”

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