From Monopoly Issues to Care Hell... Yoon Focuses on 'Minsheng' Messages (Comprehensive)

President Yoon Chairs Cabinet Meeting... Focus on 'Livelihood' Ahead of Year-End and General Election
Warns of "Strong Law Enforcement" Over Online Platform Monopoly
Social Issue of 'Caregiving Hell'... "Ministry of Health to Establish Prompt Measures"
Economic Recovery Message... "Growth, Employment, and Prices Will Improve"

President Yoon Suk-yeol on the 19th criticized the behavior of giant monopolistic companies in the online platform sector, stating, "Acts that abuse vested interests and monopoly power to restrict competition and harm consumer welfare can never be tolerated." Referring to the issues of advertising fees and commissions that small business owners bear on platforms, President Yoon warned, "Along with corrective efforts, strong law enforcement will be implemented." He also directly pointed out the management of public livelihood issues that need attention this year. Describing the burden of caregiving experienced by the public as 'caregiving hell,' he instructed relevant ministries to establish a caregiving service system.

On the same day, President Yoon presided over a Cabinet meeting at the Yongsan Presidential Office, delivering these management guidelines to Cabinet members by saying, "Recently, voices from small business owners and consumers pointing out problems with giant monopolistic companies in the online platform sector have been growing louder."

President Yoon Suk-yeol is speaking at the Cabinet meeting held on the 19th at the Yongsan Presidential Office Building in Seoul.
[Photo by Yonhap News]

"To ensure public safety and livelihood issues do not carry over to next year"… Urges improvement of monopoly issues in the platform sector and reform of caregiving system

President Yoon’s message that day focused on 'managing public livelihood.' While sharing the achievements such as the 'semiconductor alliance' from last week's state visit to the Netherlands with the public, he urged, "Please ensure that there is no negligence in safeguarding the safety and livelihood of the people, and that tasks scheduled for this year are completed without being postponed to next year."

He specifically pointed out problems in the online platform sector. President Yoon explained, "If the monopoly structure becomes entrenched, small business owners and consumers cannot switch to other services and lose their freedom of choice," adding, "The birth of new platform startups is restricted, and dynamic innovation cannot take root."

He then declared that strong law enforcement would be taken against behaviors that abuse vested interests or monopoly power. President Yoon cited specific negative cases such as "acts that prevent the use of other platforms in the online platform sector, unfair discrimination against small business owners within platforms, and infringement of consumer rights to pursue monopolistic profits." He continued, "To fundamentally correct the abuse of monopoly power, the Fair Trade Commission and related ministries must boldly break down inter-ministerial barriers and strengthen cooperation."

It is also notable that he directly addressed the social issue of 'caregiving.' President Yoon said, "The caregiving burden has become a serious social problem to the extent that the term 'caregiving hell' has emerged," emphasizing, "Caregiving issues cannot be solved simply by providing financial support; establishing a caregiving service system that can be used safely and conveniently is a priority."

He mentioned that smooth 'caregiving services' should be provided not only in general hospitals but also in nursing hospitals and after discharge following surgery. To this end, he instructed relevant ministries to "train excellent personnel and systematically manage service providers to improve service quality," and said, "Services should be advanced by integrating cutting-edge technologies such as caregiving robots." In particular, he ordered the Ministry of Health and Welfare to comprehensively handle these measures by establishing a 'caregiving service system.'

He also urged the prompt enactment and revision of laws closely related to public livelihood. Referring to the Industrial Bank Act and the Space Aviation Agency Act as well as the urea solution crisis, he instructed related ministries to establish an early warning system and supply chain risk management system under the 'Basic Supply Chain Act.' Additionally, he demanded the swift processing of the 'Housing Act amendment bill' that abolishes the mandatory residence requirement for housing subject to the price ceiling system, which has not yet passed the National Assembly, stating, "Unreasonable regulations introduced under the pretext of curbing speculation are distorting the market," aiming to normalize the real estate market.

Positive outlook for next year’s economy amid expectations of current account recovery… "Macroeconomic indicators such as growth and employment will improve," judging restoration of market-centered economy

On the same day, President Yoon also expressed expectations for economic recovery next year. Mentioning the achievement of a current account surplus, he stated, "Next year, macroeconomic indicators such as current account, growth, employment, and inflation will improve further." Despite being hampered by internal and external variables such as the global supply chain crisis since the government’s launch, he judged that a market-centered economy has been restored under a sound fiscal policy.

He referred to a report by the British weekly The Economist covering 35 OECD countries, saying, "From last October to this September, South Korea ranked second in a composite score calculated from economic and financial indicators such as inflation item change rate, GDP, employment growth rate, and stock market performance," evaluating, "This is the result of the entire nation enduring hardships and striving to turn the crisis into an opportunity amid the complex global economic crisis."

The economic indicators mentioned by President Yoon are also showing a clear rebound. According to the Bank of Korea’s 'October 2023 Balance of Payments (provisional)' released last week, South Korea’s current account surplus in October this year was recorded at $6.8 billion. This marks six consecutive months of surplus and is the largest surplus since October 2021 ($7.9 billion). This was greatly influenced by strong automobile exports and recovery in the semiconductor and IT sectors. As the export improvement in these sectors becomes clear, debates over recession-type surpluses have also subsided. The 'achievement of a $30 billion current account surplus this year' mentioned by President Yoon also appears feasible. The Bank of Korea has also released analysis indicating that the forecast will be met due to improved goods exports.

The president’s message focusing on 'managing public livelihood' is expected to continue until the end of the year. Given that the political landscape has effectively shifted to the general election phase, it is judged that focusing on public livelihood management and on-site inspections rather than raising potentially contentious issues directly benefits state governance. Moreover, the National Assembly still has many areas of contention between ruling and opposition parties, such as special investigations, budget bills, and confirmation hearings.

President Yoon’s sharing of the outcomes of his Netherlands visit with the public on the same day aligns with this context. He said, "Semiconductors are the core of cutting-edge scientific weapon systems and a technology directly linked to security," adding, "The semiconductor alliance with the Netherlands will greatly contribute to expanding our defense and defense industry capabilities."

During his state visit to the Netherlands, his last overseas trip of the year, President Yoon secured a total of 32 contracts and memorandums of understanding (MOUs) across government-agency (13) and corporate (19) levels in fields including semiconductors, nuclear power, defense, and ICT (Information and Communication Technology). At the summit with Dutch Prime Minister Mark Rutte, they also signed a 'semiconductor alliance,' including the establishment of an academy for talent acquisition, with the Netherlands, a semiconductor materials, parts, and equipment powerhouse. Following visits to the United States, Japan, and the United Kingdom, this state visit to the Netherlands completed the semiconductor supply chain solidarity with allied countries, equipping South Korea with enhanced capabilities to actively respond to geopolitical and supply chain risks.

President Yoon Suk-yeol is speaking at the Cabinet meeting held on the 19th at the Yongsan Presidential Office Building in Seoul.
[Photo by Yonhap News]

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