Lee Nak-yeon Tells Economic Ministry Ministers "There Is a Gap Between Field and Policy"

Lee Meets with Economic Ministers for On-Site Economic Review Meeting
Urges Field-Centered Response
Real Estate Market Measures to Be Discussed Next Week via TF

On the 21st, at the Democratic Party of Korea's party leader's office in the National Assembly, party leader Lee Nak-yeon, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, along with party leadership and relevant ministers, attended an economic situation review meeting and took a commemorative photo before the meeting began. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] On the 21st, Lee Nak-yeon, leader of the Democratic Party of Korea, held an economic inspection meeting and pointed out to the ministers of economic departments that "there is a gap between the field and policy." He decided to announce measures for the real estate market, including the jeonse crisis, next week through the Future Housing Promotion Team, a real estate policy task force (TF).

Heo Young, spokesperson for the Democratic Party, said in a briefing after the closed meeting in the morning, "The leader said that there are problems arising from the gap, and although some parts cannot be applied by law, efforts and measures beyond the system and constraints are necessary."

Measures related to real estate, including the jeonse crisis, are expected to be outlined next week. Regarding Lee’s earlier remark on the 19th that reflection is needed on real estate policy, Spokesperson Heo stated, "Phenomena caused by jeonse shortages are appearing in parts of the jeonse market," and added, "It is true that the overall supply of jeonse listings is increasing." He continued, "Next week, through the real estate TF, various data will be reviewed, and related contents are being considered to be presented as countermeasures."

When asked by reporters whether related matters were discussed in today’s meeting, he said, "Please watch the TF countermeasure meeting next week," but also mentioned, "There was a briefing on the overall trends of the jeonse market during the closed meeting." Spokesperson Heo added, "However, the data on market conditions need to be observed a bit more. I think additional discussions related to this will take place next week."

Regarding real estate measures, Minister Kim Hyun-mi of the Ministry of Land, Infrastructure and Transport explained the trends in the jeonse market. However, there was no mention of property tax reductions for long-term residents owning one house or the Future Housing Promotion Team to be launched next week.

At the closed meeting, including Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy, Minister Park Young-sun of the Ministry of SMEs and Startups, and Minister Kim briefed Lee Nak-yeon on related issues.

According to the spokesperson, after the briefing, Lee emphasized the need to pay closer attention to the field, saying, "Regarding industrial accidents and suicides among delivery workers, even if there are exceptions in the Industrial Safety and Health Act, special measures should be established through on-site inspections and responses should be carried out."

Regarding economic stimulus related to the novel coronavirus disease (COVID-19), Lee anticipated that the economy will enter a recovery phase next year. Spokesperson Heo said, "The leader said that if a domestic treatment is developed within this year, the need for recovery and reform will increase," and added, "Accordingly, preparations can be carried out more effectively."