Hong Nam-ki "Expanding Short-term Housing Supply, Private Sector Role Important... Reviewing Measures"

Ministry of Economy and Finance Expanded Executive Meeting

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is speaking at the expanded executive meeting of the Ministry of Economy and Finance held at the Government Sejong Complex on the afternoon of the 13th. 2021.9.13 [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 13th, "The role of the private sector is important in expanding short-term housing supply," and added, "Review various measures to further activate this." The government has been implementing public-led housing supply measures, but as limitations have been continuously pointed out, there is an expectation that related systems will be revised to revitalize private supply.

Deputy Prime Minister Hong chaired an expanded executive meeting at the Government Complex Sejong in the afternoon and mentioned real estate stabilization as one of the urgent livelihood issues, according to the Ministry of Economy and Finance. He also requested strengthening market monitoring in response to recent changes that could affect the real estate market, such as interest rate hikes, strengthened household loan management, and the U.S. government's tapering of asset purchases.

Hong also ordered, "Accelerate the execution of the second supplementary budget, including the completion of support funds for small business owners' hope recovery and the prompt provision of the national support fund," and "Make maximum fund execution before Chuseok for fiscal projects such as early VAT refunds and construction progress payments." Ahead of the Chuseok holiday, he added, "Put all efforts into normalizing egg prices and stabilizing rice prices, and also focus on managing major seasonal products such as releasing contracted fruit cultivation volumes and expanding slaughter volumes."

Regarding job policies, he said, "Please comprehensively organize and report on the efforts and achievements in creating private and public jobs over the past four years," and "Based on this evaluation, carefully examine the direction for strengthening future employment policies." He also noted, "Due to the recent fourth wave of COVID-19, job shocks to vulnerable groups are expected to increase," and urged, "Please seek policy alternatives for 'additional job creation and mitigation of employment shocks' with a commitment to job creation."

Meanwhile, ahead of the presidential election in March next year, with parties conducting primaries to select candidates, Deputy Prime Minister Hong emphasized to staff, "Please pay special attention to maintaining political neutrality in public office so that organizations or public officials do not receive unnecessary misunderstandings."

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