Kim Jong-in Strongly Criticizes Moon Administration's Economic and Real Estate Policies: "A World That Betrays Effort"

People Power Party to Hold 'New Year Press Conference' at National Assembly on Morning of 27th

Kim Jong-in, the Emergency Committee Chairman of the People Power Party, is holding a New Year's press conference at the National Assembly on the 27th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Geum Bo-ryeong] The People Power Party has strongly criticized the Moon Jae-in administration's failures in economic and real estate policies.

Kim Jong-in, the Emergency Response Committee Chairman of the People Power Party, stated at the 'New Year Press Conference' held at the National Assembly on the 27th, "The world has changed during the four years of the Moon Jae-in administration," adding, "The trust that anyone can succeed has been broken, and we are heading toward a world where 'effort also betrays'."

He pointed out the failure of economic policies as one of the major issues. Chairman Kim said, "We cannot help but ask whether any of the so-called 'four-wheel growth theories,' including the income-led growth promoted by the government, have produced any results," and criticized, "The livelihood economy is in disarray due to the real estate crisis, expanding youth unemployment, a sharp increase in self-employed business closures, and deepening polarization."

Instead, he argued that the government should support the efforts of economic agents trying to adapt to rapid changes in industrial and consumption structures. Chairman Kim emphasized, "We must focus on building infrastructure, reforming the current offline-centered system, regulatory reforms that make it difficult for companies to enter and exit the market, and restructuring social safety nets to support workers' mobility and income," adding, "Above all, the most important focus should be on effectively supporting the vulnerable groups who are most affected by the COVID-19 shock."

Regarding real estate, he used terms such as 'crisis' and 'chaos' to highlight the problems. Chairman Kim explained, "The government has announced real estate measures twenty-four times so far. However, it has never achieved its goals," and added, "On the contrary, various side effects have occurred, undermining the foundation of the real estate market and causing great chaos." He also conveyed a message hoping for a major shift in the government's real estate policy direction.

He mentioned the People Power Party's measures to normalize the real estate market. Chairman Kim said, "We will abolish the capital gains tax surcharge system to reduce the tax burden on real estate transactions," and stated, "We will promote high-density and high-rise development, secure large-scale urban land, prepare transportation measures, ease loan regulations, normalize the official price system, and implement comprehensive measures to restore the housing ladder and ensure housing stability."

He also referred to support for the middle class affected by COVID-19. Chairman Kim urged the government, saying, "I strongly urge the President to take responsibility and make bold decisions to provide loss compensation for the livelihood and survival of ordinary people." Additionally, on this day, Chairman Kim requested the government to 'completely overhaul the current quarantine policy' and to 'establish a national public-private joint emergency medical committee.'

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