Hong Nam-ki: "All Policy Efforts Will Be Devoted from Early Year to Stabilize the Real Estate Market"

Ministry of Economy and Finance New Year's Ceremony

(Photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 4th, "Regarding the real estate market, from the beginning of the year, all policy efforts must be devoted to ensuring market stabilization is achieved without fail and with certainty."

At the opening ceremony held that day, Deputy Prime Minister Hong made this remark in his New Year's address. This goes beyond his earlier statement on December 31 last year in the 'New Year's Greeting to the People for the Year of the Ox (辛丑年)', where he said, "We will manage real estate, household debt, trade issues, and demographic problems more meticulously," expressing a stronger determination to stabilize the real estate market.

Deputy Prime Minister Hong reiterated the areas the Ministry of Economy and Finance will focus on this year: ▲ overcoming the COVID-19 crisis and strengthening inclusiveness ▲ rapid and strong economic rebound ▲ solid preparation for the future ▲ management of risk factors. He said, "If the supplementary budget support measures are approved at the Cabinet meeting tomorrow (the 5th), we will promptly implement tailored support measures for damages caused by the third wave of infections, and respond to overcome the crisis by harmonizing virus containment and economic protection," adding, "Through a 'V-shaped' recovery this year, the government and the Ministry of Economy and Finance must work harder to achieve a growth rate of 3.2% and create 150,000 jobs."

He urged that for the future of our economy and generations to come, food security, growth engines, and structural changes must be identified and prepared in advance. Deputy Prime Minister Hong stated, "Following venture startups, we must accelerate the nurturing of the Big 3 innovative growth industries (system semiconductors, future cars, bio-health), fully implement the Korean New Deal, and advance policies toward an eco-friendly, low-carbon society."

To the Ministry of Economy and Finance staff, he urged, "Everyone must once again tighten their shoelaces and renew their firm passion and determination," calling for deep insight, strong breakthrough capabilities, and rapid speed. Deputy Prime Minister Hong said, "When designing, planning, establishing, and implementing a policy, all Ministry staff must think broadly, deliberate meticulously, and make sharp and prudent decisions with the skills and capabilities?that is, insight. Timing is said to be the life of policy. It is very important not to miss the right time and to make efforts to minimize policy lag after decisions are made."

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