Presidential Candidates Focus on 'Overcoming COVID'... Seoul Mayoral Candidates Emphasize 'Real Estate'

Lee Nak-yeon’s Gamble on 'Profit Sharing'
Chung Sye-kyun Supports Compensation for Self-Employed Losses
Lee Jae-myung Leads 'Disaster Basic Income'
Winning Public Support by Caring for the Socially Vulnerable

Ruling Party Seoul Mayor Candidates Propose 'Public Housing'
Opposition Candidates Focus on Reconstruction and Redevelopment

[Asia Economy Reporter Oh Ju-yeon] The leading presidential candidates from the ruling party are focusing on winning the votes of small business owners whose lives have become difficult, while the Seoul mayoral candidates are putting all their efforts into controlling housing prices.

Lee Nak-yeon, leader of the Democratic Party of Korea, is betting on the ‘profit-sharing system.’ On the 22nd, Lee continued his efforts to appeal to ‘platform companies’ identified as targets for profit-sharing participation. That afternoon, he held a video conference for cooperation with platform companies. The purpose was to discuss various ways in which platform companies can participate in the profit-sharing system with corporate representatives.

The recognition that resolving social and economic inequalities caused by the novel coronavirus disease (COVID-19) is an urgent task is shared by other leading presidential candidates as well. Jeong Sye-kyun, who joined this effort somewhat late, is emphasizing the need for a system to compensate self-employed and small business owners who suffered losses due to business suspensions. Jeong’s criticism of the Ministry of Economy and Finance, which was negative about legislating the loss compensation law, sparked attention, and some view his actions as effectively the start of his presidential campaign. Despite criticism and concerns from inside and outside the party, Lee Jae-myung, governor of Gyeonggi Province, is committed to disaster basic income. He recently decided on a plan to provide a second round of disaster basic income, giving 100,000 won per person to all 13.99 million residents of Gyeonggi Province.

Their focus on supporting socially vulnerable groups affected by COVID-19 appears to reflect recent public sentiment. According to a survey conducted by Gallup Korea from the 19th to the 21st among 1,000 people aged 18 and over nationwide and announced on the 21st, about 78% of the public said they were ‘worried about getting infected themselves.’ Given that the percentage of respondents feeling ‘anxious’ has steadily increased since hitting a low of 55% in May when COVID-19 transmission had slowed, it is judged that there is no issue more important than ‘COVID-19 prevention’ to establish a presence as a presidential candidate.

The core issue in the Seoul mayoral by-election is focusing on real estate. While ruling party candidates emphasize ‘public housing,’ opposition candidates are putting weight on reconstruction and redevelopment. The key pledge of Ahn Cheol-soo, leader of the People’s Party and currently leading in Seoul mayoral approval ratings, is also real estate.

However, there is criticism that candidates challenging the Seoul mayor’s position, which has a short term of just over a year, are proposing very long-term pledges, which seem unrealistic. Park Sang-byeong, professor at Inha University Graduate School of Policy, pointed out, “Although real estate policy is a matter of public interest and an urgent issue to be resolved, the role the Seoul mayor can play is limited. Since the candidates’ policies are similar and do not appear to be policies that can be completed within the term, the public also seems to view them as unrealistic.”

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