The Democratic Party, "Preparing Measures for Financial Market Instability"... Ryu Seong-geol Appointed as Chair of the Economic Stability Special Committee

Jin Jeong-seok, Emergency Response Committee member of the People Power Party, is attending the Emergency Response Committee meeting held at the National Assembly on the 24th and delivering a speech. Photo by Dongju Yoon doso7@

[Asia Economy reporters Lee Ji-eun and Kwon Hyun-ji] The ruling party stated that the government is "preparing countermeasures" regarding the financial market instability caused by the Legoland-related bond market insolvency crisis. They also urged price management ahead of the kimjang season.

On the morning of the 24th, Seong Il-jong, Policy Committee Chairman of the People Power Party, said at an emergency committee meeting held at the National Assembly, "Regarding the recent increase in volatility in the short-term money market, including the Kangwon Land incident, and the overall instability in the financial market, the People Power Party is closely monitoring the market situation together with the government and preparing countermeasures."

He expressed his welcome, saying, "The government has shown a clear will to stabilize the financial market and announced yesterday that it will expand the liquidity supply program by 50 trillion won plus alpha," and added, "The party and the government held close consultations even over the weekend and will proceed with liquidity support measures such as corporate bond circulation without any gaps."

Floor Leader Joo Ho-young also said, "Regarding the Legoland-related bond market insolvency, the liquidity supply program has put out the immediate fire, but the possibility of recurrence remains," and pointed out the responsibility of former Governor Choi Moon-soon, who did not consider the fiscal independence rate of 24.7%, which is among the lowest, as well as the responsibility of Governor Kim Jin-tae of Gangwon Province from the ruling party, saying, "Although debt repayment is possible, non-fulfillment caused distrust and needs to be reconsidered."

He then urged, "I hope all matters will be handled carefully. Since we are in a situation where we have to take responsibility even for bad outcomes, I hope for utmost caution."

The ruling party also urged the government to pay attention to price management ahead of the kimjang season. Policy Committee Chairman Seong said, "Looking at the recently increased prices of kimjang ingredients, it is difficult to prepare for kimjang with peace of mind," and added, "The government should establish and actively implement supply stabilization measures for major items used as kimjang ingredients to minimize the consumer burden during the kimjang season."

He continued, "Kimjang involves not only napa cabbage and radish but also many agricultural and marine products such as green onions, onions, salted seafood, and salt, so it is necessary to monitor local crop conditions more closely and provide more support for production activities," and said, "Also, to reduce the burden on consumers purchasing goods in the market, discount support and various discount sales at Nonghyup and large marts should be prepared and implemented in a timely manner."

Meanwhile, the ruling party appointed Representative Ryu Seong-geol, the ruling party's ranking member of the National Assembly's Planning and Finance Committee, as the chairman of the party's Livelihood Economy Stabilization Special Committee, which was expanded and reorganized from the existing Price Stabilization Special Committee, and presented an appointment letter to former Representative Kim Yong-tae, who was newly appointed as the head of the Yeouido Research Institute.

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