Choo Kyung-ho: "Limited Effect of China's Reopening... Corporate Investment and Exports Face Challenges"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 26th that "the effects of China's reopening (resumption of economic activities) are limited, and corporate investment and exports remain challenging."

In his opening remarks at a meeting with mid-sized business leaders held at the Seoul Mapo Listed Companies Association Hall that morning, Deputy Prime Minister Choo said, "While indicators related to the cost of living and employment are improving, the semiconductor market recovery is delayed."

He added, "The government has previously expanded tax support, such as raising the national strategic technology deduction rate and reintroducing temporary investment tax credits," and "we urge companies to make bold investments and put more effort into pioneering new global markets to secure competitiveness."

Deputy Prime Minister Choo emphasized that investment and exports are the most important factors to boost overall economic vitality.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at the 'Mid-sized Business Leaders Meeting' held on the 26th at the Sangjanghoe Social Hall in Mapo-gu, Seoul.

He said, "We will continue to remove obstacles to corporate activities and focus more on economic regulatory innovation," adding, "We will further strengthen support for management innovation and the advancement of technology and processes so that mid-sized companies, the backbone of our economy, can quickly adapt to external environmental changes such as global supply chain restructuring, digital and green transitions, and the spread of ESG."

Regarding exports, he explained, "Uncertainties remain in the global financial situation and economic conditions," but added, "There are some positive signals, and we will use these as a stepping stone to make further efforts."

The business leaders attending the meeting expressed gratitude for the government's efforts to improve corporate management conditions and build growth ladders, while also requesting expanded support for revitalizing domestic demand, securing smooth workforce supply, and easing burdens related to business succession.

Deputy Prime Minister Choo stated that the suggestions raised at the meeting will be actively reflected in future government policies.

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