KCCI: "Old Legal Systems Must Be Completely Innovated and Growth Foundations Expanded"

[Asia Economy Reporter Dongwoo Lee] The Korea Chamber of Commerce and Industry (KCCI) on the 11th urged the innovation of outdated legal systems and the stable management of the macroeconomy in response to President Moon Jae-in's 2021 New Year's address.

Lee Kyung-sang, head of KCCI's Economic Research Headquarters, said in a commentary on the day, "Setting the goals of this year's national administration as 'recovery to pre-COVID-19 levels,' 'leap to a leading country,' and 'inclusion of vulnerable sectors' is an appropriate policy direction."

He emphasized, "Since the key is the enthusiasm for new businesses and revitalization of economic activity, I hope that while innovating outdated legal systems drastically and stabilizing the overheated asset market, the macroeconomy will be managed stably so that the real sector, including small and medium-sized merchants severely affected by COVID-19, does not suffer shocks."

He added, "In particular, to expand the foundation of inclusion, the expansion of the growth base must be carried out simultaneously, so I ask for special policy efforts to expand the growth base without being shaken by political schedules such as by-elections."

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