Kim Juhyun, Financial Services Commission Chairman, "No Reason for September Financial Crisis Rumors"

Attendance at the Full Meeting of the Political Affairs Committee on the 4th
"September Crisis Is Not an Accurate Judgment"

Kim Ju-hyun, Chairman of the Financial Services Commission, dismissed the 'September financial crisis theory' raised by some due to increasing domestic and international uncertainties, saying, "There seems to be no reason for that."

At the plenary session of the National Assembly's Political Affairs Committee held on the 4th, when Yoon Chang-hyun, a member of the People Power Party, inquired about the 'September financial crisis theory,' Chairman Kim responded, "Although real estate project financing (PF) faces rising interest rates and poor construction conditions, it seems inaccurate to predict a crisis in September based on unsold houses or employment indicators rather than delinquency or default rates."

[Image source=Yonhap News]

Regarding the rumor that the maturity extension for small and medium-sized enterprises and self-employed individuals will end in September, Chairman Kim said, "The maturity extension is a fact that has not been accurately understood," adding, "There is no one who has to repay money in September because the maturity extension is not granted."

When asked to summarize the 'September financial crisis theory' in one sentence, Chairman Kim emphasized, "There are many uncertainties, so I cannot speak definitively, but based on the reasons raised by some media and YouTube, there will be no such crisis."

Furthermore, Chairman Kim explained the possibility of domestic transmission of the Chinese real estate crisis, saying, "If the Chinese real estate market worsens, our country will be affected as well, but considering the Chinese government's policy intentions, many view it as not a crisis that would shake the entire country." He added, "The amount we have invested in Chinese real estate is not large, so the impact on us is very limited."

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