Lee Jae-myung: "Pledging 5th Largest National Power and $50,000 Per Capita Income... I Will Become an Economic President"

Lee Jae-myung, the Democratic Party presidential candidate, held a New Year's press conference on the 4th at the Kia Motors factory in Gwangmyeong, Gyeonggi Province, under the theme "Vision for Korea's Great Transformation and National Leap Forward." Photo by the National Assembly Press Photographers Group

[Asia Economy Reporters Koo Chae-eun, Jeon Jin-young] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, stated on the 4th, "We will aim to become the world's 5th largest power (G5 - Group of 5 major countries) and move toward a national income of $50,000."

At a New Year's press conference held at Kia Motors Sohari Plant in Gwangmyeong, Gyeonggi Province, Lee said, "We will overcome the four major crises and move into an 'era of great national leap forward.'"

Regarding his choice of Kia Motors Sohari Plant as the venue for the New Year's press conference, he said, "This place is where our automobile industry was born, the epicenter of the 1997 financial crisis, and the site where former President Kim Dae-jung declared the early end of the IMF crisis in 2001. It is a place where the history of overcoming national hardships lives and breathes." He emphasized, "Today, here with the people, I promise once again to overcome the crisis and open the era of great national leap forward."

Lee identified the four major crises as ▲ COVID-19 ▲ low growth and polarization ▲ climate issues and technological competition ▲ global hegemony competition. He announced that to fully overcome COVID-19, the state’s responsibility and compensation will be strengthened. To overcome the crisis, Lee proposed measures such as 'expanding public healthcare and improving treatment,' 'supplying domestically produced vaccines in the first half of this year,' and 'strengthening state responsibility and compensation.'

Regarding support for small business owners and self-employed individuals affected by COVID-19, he said, "No one should bear unilateral sacrifices for the community," and pledged, "We will fully support damages caused by quarantine cooperation based on three principles: not partial but full, not post but pre, and fiscal support rather than financial support."

He added, "Proactive support is necessary for small business owners and self-employed people suffering due to COVID-19," and "I formally request the ruling and opposition parties in the National Assembly to discuss the preparation of a large-scale supplementary budget." He also said, "We will strengthen income support and care so that no citizen suffers hardships in life due to COVID-19."

On the real estate issue, he said, "Rather than suppressing prices and fighting the market, we will focus on protecting actual homebuyers without homes and those with one home as the core goal, and achieve sufficient supply and market stabilization." Lee added, "Just as we temporarily deferred the heavy capital gains tax on multiple homeowners and corrected unreasonable comprehensive real estate taxes, we will also ease reconstruction and redevelopment regulations in a reasonable direction that helps stabilize housing prices."

He said, "Above all, we will create a 'Youth Opportunity Nation' full of hope and opportunities for young people," promising, "We will provide basic income for youth and expand child allowances to child and youth allowances up to age 18."

Lee said, "I will make science and technology innovation strategy the top national agenda," and pledged large-scale national investment to secure technological leadership and foster advanced industries. He also emphasized, "We have clearly witnessed through the semiconductor shortage and the urea solution crisis that the US-China hegemony competition threatens international supply chains and can directly affect our lives," adding, "The struggle for leadership between the US and China over new technologies, resource acquisition, and energy supply chains will become even fiercer."

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