Choi Acting President: "Will Mobilize All Regulations and Finance to Block Factors Driving House Price Increases"

Yonhap News

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, stated on the 19th, "We will mobilize all available measures, including real estate regulations and financial tools, to block factors driving up housing prices."

During his opening remarks at the 'Meeting of Ministers on National Issues, Economy, and Industrial Competitiveness Enhancement' held at the Government Seoul Office Building that morning, Acting President Choi said, "The upward trend in housing prices is expanding, particularly in some areas of Seoul."

He added, "We recognize the real estate market situation with utmost seriousness and will respond firmly in cooperation with relevant ministries and local governments to prevent the spread of housing price instability. We will thoroughly monitor the market situation and consider extraordinary additional measures if market instability persists."

He emphasized that housing supply plans, such as the enactment of the Reconstruction Promotion Act, timely supply of 110,000 newly built rental homes, and purchase commitments for unsold new housing sites in the metropolitan area, will be carried out without delay, while strictly cracking down on speculative transactions that disrupt market order.

Regarding the new U.S. administration's tariff policies, he said, "Since the 12th, the new U.S. administration has started imposing tariffs on steel and aluminum, and reciprocal tariffs are also scheduled for April 2nd. However, due to significant uncertainties surrounding the specific policy details and the responses of major countries, it is difficult to predict the impact on our companies."

He continued, "To minimize trade risks, we will continue high-level and working-level consultations with the U.S. and other major countries. We will also actively resolve difficulties faced by companies due to tariff impositions." He explained that trade remedy measures against unfair trade practices such as dumping will also be strengthened.

At the meeting, measures to respond to trade risks related to steel and aluminum, tasks for improving economic regulations, regulatory innovation plans for bonded processing systems, the 15 projects of New Growth 4.0, and comprehensive drought countermeasures were discussed.

Regarding the New Growth 4.0 projects, he stated, "We will concentrate 75.4 trillion won of policy finance support in new industry sectors," adding, "We will concretize future growth engines through fostering new industries."

As for drought countermeasures, he emphasized, "We will operate a joint drought countermeasure task force (TF) with relevant ministries every week to closely monitor crisis signs and involve local governments as well," and "We will respond systematically to concerns about drought occurrence."

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