Kim Boo-kyum at the Party Leadership Launch Ceremony: "Cannot Overlook the Prosecution"... Determined to Complete Prosecution Reform

'Complete Party Leader Term' Strategy
Emphasizing Overcoming Regionalism to Counter 'Lee Nak-yeon Trend'
First-Time Homebuyer Regulation Relaxation
Promises Including Completion of Prosecutorial Reform Tasks

Former Democratic Party lawmaker Kim Bu-gyeom is holding a press conference to declare his candidacy for party leader at the party headquarters in Yeouido, Seoul, on the 9th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kang Nahum] Former Democratic Party lawmaker Kim Boo-kyum officially declared his candidacy for party leadership on the 9th, marking the start of his full-fledged campaign. While pledging to resolve instability in the real estate market, he also expressed his determination to complete 'prosecutorial reform' amid conflicts between the Ministry of Justice and the prosecution.

At the kickoff event held at the party headquarters in Yeouido, Seoul, Kim said, "Today, I stand before the path of becoming the party leader who will take responsibility for and lead the Democratic Party for the next two years. I will not hesitate or waver. I will move forward only," officially announcing his candidacy for party leader.

Kim presented the following pledges: ▲ overcoming the COVID-19 crisis and preparing for the post-COVID era ▲ completing prosecutorial reform tasks ▲ breaking the deadlock in inter-Korean relations ▲ resolving real estate asset inequality ▲ realizing 'metropolitan mutual development' ▲ addressing labor and employment issues.

In particular, Kim appeared to focus on real estate policy pledges, seemingly aware of recent public criticism of the government's real estate measures. He first pledged to ease loan regulations for first-time homebuyers. Kim said, "We will prepare measures to ease loan regulations for first-time homebuyers so that young people, newlyweds, and those without homes can once again dream of owning their own homes."

He also promised to make 'mandatory reporting of lease contracts' fully obligatory to increase transparency in the rental market. Kim stated, "We will reconsider the rental business registration system, which protects multi-homeowners, from scratch, abolish unnecessary tax benefits, and improve the system to make rental business registration and lease contract reporting mandatory."

He further pledged to push for the actualization of official property prices and an increase in the comprehensive real estate holding tax. Kim said, "We will improve the investigation and verification process to ensure that official property prices are fairly and accurately assessed, and transparently disclose the basis for price assessments to enhance the credibility of the system."

Regarding the escalating conflict between the Ministry of Justice and the prosecution, he strongly vowed to "complete prosecutorial reform." He reflected, "Prosecutorial power, which has escaped democratic control, drove former President Roh Moo-hyun to death. It is a lamentable and deeply regrettable matter." Kim also highlighted his experience in drafting prosecutorial reform plans during his tenure as Minister of the Interior and Safety, saying, "The prosecution is strongly resisting. We cannot just stand by," sharply criticizing the prosecution.

[Image source=Yonhap News]

With Kim's declaration of candidacy on this day, a 'one-on-one contest between Lee Nak-yeon and Kim Boo-kyum' was confirmed. Kim's representative strategy against the 'Lee Nak-yeon momentum' is considered to be 'completing the full term as party leader.' Targeting Lee, who is unlikely to complete his term due to the party leadership and presidential candidacy separation rule, Kim has taken a last-ditch stance of 'giving up the presidential bid.' A Democratic Party lawmaker said, "There is some criticism that Lee is trying to monopolize both party leadership and the presidency," adding, "There will come a time when Kim's sincerity toward party leadership will be highlighted."

Another slogan Kim has put forward is 'breaking regionalism.' Kim, who is from Daegu and based in Yeongnam, is considered weak in Honam, the Democratic Party's stronghold. On the other hand, Lee, who served four terms only in Jeonnam and even as governor, enjoys absolute support in Honam.

Seemingly aware of this evaluation, Kim continued his Honam visits for two consecutive days on the 7th and the previous day. He targeted public sentiment by pledging to establish a control tower dedicated to building a carbon industry ecosystem, designate the Korea Carbon Convergence Technology Institute as the Korea Carbon Industry Promotion Agency, push legislation related to establishing a national public medical university, and attract new companies to the Saemangeum industrial complex, which are key issues in the Jeonbuk region.

Within the party, some evaluate that Kim, based in Yeongnam, is more suitable for the party leadership position in terms of expansion potential than Lee, who is based in Honam. In fact, an analysis suggests that despite the Democratic Party's landslide victory in the last general election, the reason for the poor performance in Yeongnam was the strong veto sentiment against Lee, a Honam native who served as co-chairman of the joint campaign committee.

Meanwhile, Yeongnam lawmakers within the party show divided support lines. Among the so-called 'three-member group' of Busan lawmakers, Choi In-ho supports Lee, while Park Jae-ho is reportedly assisting Kim behind the scenes. Jeon Jae-soo is said to have decided to remain neutral.

However, both candidates are concerned about the possibility of the party leadership election turning into a regional showdown. Kim said, "I ask some media outlets that write about this as a 'prelude to the presidential election' or an 'Yeongnam-Honam showdown' to refrain. It could result in an unfortunate outcome that denies the political assets both Lee and I have built. It will be a painful matter for both of us."