Handonghun and Lee Jaemyung to Operate a Council for Livelihood Pledges... No Agreement Reached on Special Prosecutor Law for Chaesangbyeong

Disagreement Over 250,000 Won Support Law... Han Dong-hoon Calls It "Cash Spraying"
Different Views on Financial Investment Tax... Democratic Party Advocates "Structural Reform"
No Concrete Results Yet... But They Self-Praise "Achievements"

Han Dong-hoon, leader of the People Power Party, and Lee Jae-myung, leader of the Democratic Party of Korea, agreed to launch a body to discuss non-contentious bills such as livelihood pledges. However, they failed to produce meaningful results on contentious issues such as the Special Prosecutor Act for Sergeant Chae and the special measure bill for the nationwide 250,000 won livelihood recovery support fund (the 250,000 won support bill).

People's Power Party leader Han Dong-hoon and Democratic Party leader Lee Jae-myung (left) are leaving after concluding a meeting between ruling and opposition party leaders at the National Assembly on the afternoon of the 1st, discussing the special prosecutor law for Chae Sang-byeong, the abolition of the financial investment income tax, and the law to provide 250,000 won support to all citizens. [Image source=Yonhap News]

After a private meeting between the two leaders on the 1st, the People Power Party and the Democratic Party issued a joint statement. The meeting lasted 2 hours and 15 minutes, exceeding the originally scheduled 1 hour and 30 minutes. In addition to the two leaders, the policy committee chairs and chief spokespersons of both parties were also present.

The two parties agreed on ▲operating a consultative body to promote joint livelihood pledges ▲reviewing and discussing structural issues in the stock market such as the financial investment income tax ▲discussing countermeasures at the National Assembly level regarding the medical crisis ▲actively discussing support measures for the semiconductor and AI industries ▲actively seeking ways to alleviate household and small business debt burdens ▲prompt legislative action on low birthrate countermeasures ▲and institutional improvements related to deepfake sexual crimes. Although not included in the agreement, it is known that they also actively discussed the introduction of local party branches.

Discussed Joint Pledge Promotion and Low Birthrate Solutions but Failed to Agree on Contentious Issues

However, the ruling and opposition leaders failed to narrow their differences on the meeting agenda. The agenda included the Special Prosecutor Act for Sergeant Chae, the financial investment income tax (financial investment tax), and the 250,000 won support bill. Before the meeting, Lee stated in his opening remarks that the Special Prosecutor Act for Sergeant Chae would include a third-party recommendation method and suspicions of evidence fabrication, but Han made no particular mention. Kwak Gyu-taek, chief spokesperson for the People Power Party, said, "We cannot issue a party position according to a deadline unilaterally set by the Democratic Party," adding, "We are still in the process of internal discussions within the People Power Party regarding the Special Prosecutor Act for Sergeant Chae. No agreement was reached."

The 250,000 won support bill also failed to reach an agreement. Before the meeting, Han expressed negative opinions, likening the 250,000 won support bill to "cash handouts." Lee explained that the bill would help stimulate the domestic economy, but the two party leaders apparently failed to find a clear common ground. Cho Seung-rae, chief spokesperson for the Democratic Party, said, "The Democratic Party said it was open to selective and differentiated payments, but (Han) said even differentiation was not possible," adding, "The Democratic Party has no choice but to continue raising the 250,000 won support bill."

Discussions on the financial investment income tax are also expected to be difficult. Lee proposed reconsidering the tax deferral at the party convention, and Kwak said, "The People Power Party is talking about abolition and continuing to discuss legislative deferral, but Lee is in favor of at least discussing it." Meanwhile, Cho said, "Without structural reform measures, it will be difficult to form assets through the stock market, including revitalizing the capital market," adding, "As stated in the joint statement, we agreed to comprehensively discuss and review the matter."

Medical Crisis, No Concrete Solutions Yet... "Agreed on Discussion Direction"

On the afternoon of the 1st, citizens at Seoul Station are watching the live TV broadcast of the ruling People Power Party leader Han Dong-hoon and the opposition Democratic Party leader Lee Jae-myung's inter-party leaders' meeting. [Image source=Yonhap News]

Regarding the medical crisis, which was not on the agenda that day, consensus was only formed on the seriousness of the issue. Cho said, "Lee expressed the seriousness of the medical crisis situation and requested President Yoon Seok-youl's apology, accountability of those responsible, and the formation of a countermeasure body, and there was much discussion," but added, "No concrete agreement was reached."

The ruling and opposition leaders plan to continue dialogue by meeting as needed rather than holding regular meetings. Cho said, "Rather than regularizing the meetings between the ruling and opposition leaders, there was a suggestion to meet frequently whenever possible," adding, "Both leaders (Han and Lee) judged that it is more appropriate to have candid conversations rather than formal meetings." Kwak added, "The most important agreement was to create a consultative framework for common livelihood issues and proceed accordingly," adding, "Since we agreed on and organized the direction of discussions, I think there was an achievement."

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