Kim Du-kwan: "If Hong Nam-ki Insists on Fiscal Rules, We Cannot Go Together"

[Image source=Yonhap News]

[Asia Economy Reporter Kang Nahum] On the 8th, Kim Du-kwan, a member of the Democratic Party of Korea, commented on Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance's proposal to introduce a 'Fiscal Rule,' saying, "(If they keep pushing) there will be aspects where we cannot go together."

Kim appeared on CBS Radio's 'Kim Hyun-jung's News Show' that day and stated, "It is very difficult to agree with the introduction of the fiscal rule. Most ruling party members also oppose it."

Kim said, "In the 1990s, many countries introduced fiscal rules, but when the 2008 global financial crisis hit, countries that adhered to fiscal rules all faced economic difficulties," adding, "Countries that did not cling to fiscal rules overcame the crisis through economic growth."

He continued, "Fiscal rules do not significantly contribute to economic revitalization," and pointed out, "Senior officials at the Ministry of Economy and Finance emphasize fiscal soundness a lot, but we are currently in a war situation."

He added, "How can you set limits during a war? The ruling party basically opposed the fiscal rule," emphasizing, "We should be more concerned about economic recession than national debt."

He said, "If the state does not take on debt, individuals end up borrowing," and "Since fiscal rules do not help the economy at all, I do not understand why they are rushing so much."

Regarding the relaxation of major shareholder requirements, he said, "Lowering it to 300 million won has caused strong protests from small investors. Isn't this also a generational aggregation?" and added, "Therefore, this is absolutely unacceptable, and it is necessary to humbly accept the opinions of the citizens who invest in stocks."

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