Hong Nam-ki "Price and Real Estate Stabilization, Ministry of Economy and Finance Urgent Explanation"

2022 Opening Ceremony... "The Most Important Economic Keyword This Year is 'Transition'"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki attending the Central Disaster and Safety Countermeasures Headquarters meeting on COVID-19 held at the Government Seoul Office in Jongno-gu, Seoul on the 3rd. Photo by Hyunmin Kim kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized on the 3rd, "Stabilizing living prices and the real estate market, which are directly connected to people's livelihoods, as quickly as possible by mobilizing all available means is an urgent and immediate task." This statement came as measures to stabilize prices for the Lunar New Year and other price management policies were announced. He stressed the need to properly manage risks to the Korean economy starting from the New Year's opening ceremony. Furthermore, he said that the major transformation of the economy, industry, and social structure after COVID-19 will begin in earnest, and thorough preparation is necessary.

At the 2022 Ministry of Economy and Finance opening ceremony held at the Government Complex Sejong in the afternoon, Deputy Prime Minister Hong, in his greetings and requests, said, "The new economic team has promised to actively fulfill the roles of an inclusive partner, innovation facilitator, future leader, and economic manager. The Ministry of Economy and Finance must take the lead and mobilize all policy capabilities to fully commit to achieving these goals."

Deputy Prime Minister Hong identified 'transition' as the most important economic keyword this year. He explained, "As encapsulated in this year's economic policy direction goal of 'complete economic recovery and leap to a leading economy,' the most important keyword this year is 'transition.' This year marks a period of power transition between the current and new government due to political schedules, but more importantly, it is a time when the major transformation of the economy, industry, and social structure in the post-COVID era begins in earnest. Our economy must make a quantum leap beyond simply returning to the previous path and become a leading economy."

He particularly emphasized the importance of fulfilling the role as an 'inclusive partner.' He said, "We must devote all efforts to multilayered support such as loss compensation and quarantine support for small business owners severely affected by COVID-19, and strengthen tailored support for vulnerable groups such as youth and persons with disabilities to reduce disparities. Policy focus should be on reinforcing our employment and social safety nets."

He also stressed the need to thoroughly strengthen growth engines. He said, "For complete economic recovery, the core axis is the role and innovation of the private sector. The government must accelerate efforts to build the foundation for this. Above all, let us fully commit this year to the full-scale promotion of Korean New Deal 2.0, the active nurturing of D·N·A and BIG3 industries, and the establishment of infrastructure in five promising new industries such as the metaverse."

He stated, "We must confront structural issues such as industrial structure transformation, climate crisis response, and demographic changes including low birth rates head-on and respond proactively. In line with the first year of carbon neutrality promotion, let us speed up related measures." He also said, "We must manage economic and risk factors more meticulously. Under the premise of thorough quarantine control, let us enhance vitality in consumption, investment, and exports through an optimal policy mix."

Deputy Prime Minister Hong urged Ministry of Economy and Finance staff to strengthen their capabilities, broaden their perspectives, set rational and clear standards, and be meticulous. He added, "This year, I hope the so-called 'Ministry of Economy and Finance identity' works well. Before the COVID-19 pandemic, I envisioned the Korean economy shaking off difficulties and soaring high, symbolized by the phrase 'Yeonbi-eoyak (鳶飛魚躍),' meaning 'the kite flies and the fish leaps.' I sincerely hope that this year the Korean economy approaches the people with such a vibrant image."

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