Prime Minister Jeong: "Real Estate Speculation and Investment Must Be Eradicated... Houses Are for Living"

Prime Minister Jeong Sye-kyun is delivering an opening remark at the Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 15th. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun said on the 16th, "Houses should not be objects of speculation or investment. They should be for residential purposes."

On the afternoon of the same day, Prime Minister Chung held his first press briefing since taking office at the Prime Minister's Office and Secretariat in the Government Complex Sejong, stating, "If you invest in stocks or make money through business, that deserves applause, but using houses for such purposes is very backward and undermines national competitiveness."

This is interpreted as his intention to continue the Moon Jae-in administration's housing market stabilization policies. However, Prime Minister Chung added, "This should be done under laws and systems, not by force," and "It is right to proceed with a firm national goal through proper procedures."

He also called for a change in the awareness and attitude of public officials. He said that an important task for the Prime Minister is to ensure that public officials act actively with a sense of mission.

He said, "In my inaugural speech as Minister of Trade, Industry and Energy in 2006, I said, 'I will tolerate public officials who break plates while working, but public officials who do not work and leave plates as they are to gather dust are problematic.' Public officials must work earnestly with conviction. Without an active public service, economic revitalization cannot happen, nor can national competitiveness increase," he urged.

In particular, he emphasized, "We will establish a good indemnity system to allow public officials to work with discretion," and "As long as corruption or wrongdoing is not involved, we will create conditions where public officials can make active efforts without being held accountable."

He added, "There is a theory that public officials try to find ways to say 'No' to this, but I do not believe that. On the contrary, I hope they find ways to say 'Yes' to this."

Prime Minister Chung also reiterated the 'Swedish-style Thursday Club' for cooperation, which he proposed during the personnel hearing process. The Thursday Club is modeled after former Prime Minister Tage Erlander, who took office in 1946 amid severe left-right conflicts in Sweden. Throughout his 23-year tenure, he held weekly Thursday dinners with business and labor union leaders to communicate.

Prime Minister Chung said, "I plan to communicate closely with representatives of each political party and various sectors," adding, "If this goes well and produces some results, it may create a situation where the public can worry less. I will make such efforts."