[Initial Insight] The Year of Sinchuk, a Year Where Risks and Opportunities Coexist

[Asia Economy Reporter Kangwook Cho] The phrase "wigi-ilbal (危機一髮)" is often used in extremely urgent and desperate situations. It metaphorically refers to a dangerous moment that seems about to break at any moment, like lifting an object tied by a single hair.

Another expression emphasizing crisis situations is the "Sword of Damocles." Around the 4th century BC, King Dionysius, who ruled Syracuse in Sicily, allowed his courtier Damocles, who envied the king's position and power, to sit on his throne for a while. Proud Damocles suddenly looked up and saw a sword hanging by a single horsehair from the ceiling, which terrified him. This phrase not only indicates a dangerous situation but also implies that those in power must always be cautious. It is ironic that the U.S. investment bank Lehman Brothers, which went bankrupt in 2008, developed an early warning system for financial crises called "Damocles" to detect national financial crises in advance.

Every New Year, special attention is paid to the four-character idioms and keywords cited in the New Year's speeches of conglomerate heads and CEOs of financial groups. This is because they provide insight into the perception of the domestic economy and the management strategies and aspirations for overcoming challenges in the coming year.

Yoon Jong-kyu, Chairman of KB Financial Group, presented "Pabu-chimju (破釜沈舟)" as this year’s management strategy keyword, meaning to break the cooking pot and sink the boat when returning. It is an expression metaphorically describing a general’s determination to fight a decisive battle without hoping to return alive. It is interpreted as a call to face new challenges fearlessly and pursue innovation.

Cho Yong-byoung, Chairman of Shinhan Financial Group, quoted "Geun-go-ji-yeong (根固枝榮)" from the Yongbieocheonga Chapter 2, meaning a deeply rooted tree does not shake in the wind and bears beautiful flowers and fruits, and "Byeong-hyeong-sang-su (兵形象水)" from Sun Tzu’s Art of War Chapter 6, meaning the army must move quickly and flexibly like water. This is interpreted as a resolve and request to strengthen the foundation while responding agilely to changes in the times.

Kim Jung-tae, Chairman of Hana Financial Group, emphasized the attitude of "Ilche-yu-sim-jo (一切唯心造)," meaning everything depends on one’s mindset. To navigate the "tsunami of change," it means adopting a proactive attitude and positive mindset that small beginnings can lead to significant changes rather than thinking it is impossible.

Son Tae-seung, Chairman of Woori Financial Group, who cited "Bon-rip-do-saeng (本立道生)" and "Gyeong-sa-i-sin (敬事而信)" last year, emphasized crisis this year instead of four-character idioms and presented six management strategies to achieve the management goal of "strengthening group competitiveness based on innovation and efficiency."

Looking at the four-character idioms presented by financial sector leaders this year, the main management themes converge on change and innovation, harmony, and overcoming crises. Especially due to the prolonged COVID-19 pandemic, there is a more urgent awareness of "crisis" than ever before and a determination to "break through" and overcome it.

In the Year of the White Ox, Sinchuknyeon (辛丑年), the phrase "Ubo-manri (牛步萬里)" meaning the ox’s steps are slow but steady, walking thousands of miles without rest, is widely cited. Kim Kwang-soo, Chairman of the Bankers Association and former Chairman of NH Nonghyup Financial Group until last year, described the current reality of the banking sector as "Imjung-dowon (任重道遠)," meaning a heavy responsibility and a long road ahead, and mentioned the attitude of Ubo-manri.

COVID-19 was an unforeseen event by anyone. Although vaccines have been developed, the future situation remains uncertain. However, the word "wigi (危機)"?crisis?is composed of the words "wiheom (危險)" meaning danger and "gihoe (機會)" meaning opportunity. This means that within every crisis lies an opportunity for a new leap forward. Like the determination to recognize the crisis and break through it head-on, we can only hope that the good contents within this year’s New Year speeches become reality.

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