National Growth Fund to Launch on the 22nd... President Lee: "Sharing the Fruits of Growth with the People Is Essential for Sustainability" (Comprehensive)

Presiding Over Senior Secretaries Meeting

"Spreading Productive Finance, A Catalyst for Citizens' Asset Growth"

On High Oil Prices: "Price Stabilization Is the Top Priority... Mobilize All Available Measures"

Reports on Children and Y

On May 7, President Lee Jae-myung announced that the National Growth Fund, designed for public participation, will go on sale starting on the 22nd. He stated, "We will foster advanced strategic industries and share the resulting fruits and opportunities of growth with all citizens." He also noted that the consumer price increase in April was larger than in March and instructed that price stabilization be made the top priority, directing that all available measures be mobilized. In addition, after receiving a report on support for children and youth, he inquired about the current operation of specialized high schools and emphasized the need to establish an environment and system so that gifted students can meet the changing needs and demands of society.

President Lee Jae-myung is speaking at the Senior Secretaries Meeting held at the Yeomin-gwan of the Blue House on the 7th. Photo by Yonhap News

During his opening remarks at the senior secretaries meeting held at the Yeomin Hall of the Blue House that afternoon, President Lee said, "The world is currently engaged in a silent war for leadership over the future economic industries. In this situation, active public investment and participation in the growth of advanced industries will provide our industries with new and dynamic vitality," expressing these views.

The National Growth Fund is a public participation fund designed to allow citizens to invest in advanced strategic industries and share in the achievements that arise from industry growth. President Lee has consistently stressed the necessity of 'productive finance,' highlighting the need to redirect capital flows, which have been concentrated in unproductive assets such as real estate, toward advanced industries and the capital market.

President Lee stated, "Growth that does not share its achievements with the people is not sustainable," and added, "The creation of the National Growth Fund will serve as a reliable catalyst for expanding productive finance, promoting the development of future advanced industries, and enhancing stable asset growth for the public." He continued, "Make sure to thoroughly promote this initiative during the remaining period so that more citizens can participate in the path toward shared growth and enjoy its benefits together," and instructed, "Please also carefully check whether there are any institutional shortcomings."

President Lee also reiterated the importance of responding to high oil prices and inflation. He said, "The first round of compensation payments for high oil prices will be completed tomorrow," and assessed, "Thanks to careful preparation by both central and local governments, there was little confusion or inconvenience during the payment process." He then requested, "Please ensure that the second round of payments, scheduled to begin on the 18th, proceeds without any issues by thoroughly conducting pre-inspections and promotion during the remaining period."

Regarding inflationary pressures stemming from international oil price instability, President Lee diagnosed, "Due to the uncertainty in ceasefire negotiations, petroleum prices have risen by more than 20%, resulting in a larger increase in consumer prices in April compared to March." He added, "Although the government's active price management has kept the inflation rate relatively lower than in other major countries, we cannot afford to be complacent. If inflation persists, the shock to people's livelihoods will worsen, consumer sentiment will contract, and this will place a significant burden on economic recovery."

Accordingly, President Lee ordered that price stabilization be made the utmost priority and instructed that all available means be mobilized for the management of supply chains for crude oil and key raw materials, as well as for the stabilization of supply and demand for major items. He stated, "Although we do not know how long the war will last, how we overcome this crisis will determine the future of our economy. Just as the ground hardens after rain, this crisis could instead make the Korean economy even more robust."

President Lee also addressed the Basic Life and Safety Act, which is awaiting passage in the National Assembly. He said, "This bill designates public safety as a fundamental right and reflects the collective reflection and determination that we must never again lose lives due to the absence of the state." He added, "The Blue House and the government should meticulously prepare follow-up institutional measures to ensure the smooth implementation of this law," and emphasized, "We must marshal national capabilities to create a country where everyone is safe."

President Lee Jae-myung is presiding over a senior secretaries meeting at Yeomindang in the Blue House on the 7th. Photo by Yonhap News

During the ensuing closed-door meeting, reports were delivered regarding policies relating to children and youth. The Office of Social Affairs reported on the happiness index for children and youth, measures to reduce the burden of private education for infants and toddlers, and plans to expand cultural, artistic, and sports education for children and adolescents. The Office of the Chief of AI Future Planning reported on support measures for the healthy development of newborns, the Office of Public Relations and Communication reported on countermeasures for youth digital overdependence, and the Office of Civil Affairs reported on strengthening support for the protection of children's rights.

After receiving these various reports, President Lee emphasized, "Having been informed that education in our country is still oriented toward entrance exams, I inquired about the current operations of specialized high schools and stressed that an environment and system must be established so that gifted students who demonstrated outstanding abilities from an early age can truly grow into individuals who meet the changing needs and demands of society," according to a briefing by Kang Yoo-jung, Chief Spokesperson for the Blue House. President Lee also reportedly shared his personal experiences, including what parents should know.

Additionally, after receiving a report that the concentration of education in the Seoul metropolitan area has eased, President Lee assessed that policies to foster local universities and admissions policies favorable to non-metropolitan areas are proving effective. He stated, "The increasing competition rates at local universities and the decrease in the number of people moving to Seoul for their children's education are the results of these policies," and stressed, "The five major regional policy directions must be backed by concrete policies so that living, learning, and going on to higher education in local areas become much more advantageous trends."

Meanwhile, President Lee referred to news reports suggesting that Korea's projected net debt ratio of 10% is a result of a statistical illusion caused by public pension funds, and commented that Korean media must deliver diverse and multidimensional opinions and information to the public. Chief Spokesperson Kang explained, "President Lee pointed out that in April, the International Monetary Fund (IMF) described Korea as a historically fiscally sound country in its Fiscal Monitor, and that the annual consultation report from October last year also evaluated that central government debt is sustainable and that Korea has considerable fiscal capacity. He expressed disappointment that such evaluations or opinions were omitted from some reports."

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