Kim Jong-in Criticizes Moon's Economic Policy Failure... "One Week Is Enough for Opposition Candidate Unification" (Comprehensive)

Real Estate Highlights Policy Issues Using Terms Like 'Daeran' and 'Daehonran'

Kim Jong-in, the Emergency Committee Chairman of the People Power Party, holds a New Year's press conference at the National Assembly on the 27th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporters Hyunju Lee, Boryeong Geum] The People Power Party strongly criticized the Moon Jae-in administration's failures in economic and real estate policies. Regarding the unification of opposition candidates for the Seoul mayoral by-election, they emphasized that "one week is enough."

Kim Jong-in, the emergency committee chairman of the People Power Party, stated at a New Year's press conference held at the National Assembly on the 27th, "The world has changed during the four years of the Moon Jae-in administration," adding, "The trust that anyone can succeed has been broken, and it is becoming a world where 'effort also betrays.'

He pointed out the failure of economic policies as one of the major problems. Chairman Kim said, "We cannot help but ask whether any of the so-called 'four-wheel growth theories,' including income-led growth promoted by the government, have produced any results," and criticized, "The livelihood economy is in disarray due to the real estate crisis, expansion of youth unemployment, rapid increase in self-employed business closures, and deepening polarization."

Regarding real estate, he used words like 'crisis' and 'chaos' to highlight the issues. Chairman Kim explained, "The government has announced real estate measures twenty-four times so far. However, it has never achieved its goals," adding, "On the contrary, various side effects have occurred, undermining the foundation of the real estate market and causing great chaos." He also conveyed a message hoping the government would make a major shift in its real estate policy direction.

He also mentioned the People Power Party's measures to normalize the real estate market. Chairman Kim said, "We will abolish the capital gains tax surcharge system to reduce the tax burden on real estate transactions," and added, "We will promote high-density and high-rise development, secure large-scale urban housing sites, prepare transportation measures, ease loan regulations, normalize the official price system, and implement comprehensive measures to restore the housing ladder and ensure residential stability."

Regarding support for the middle class affected by COVID-19, Chairman Kim urged, "I strongly call on the president to take responsibility and make bold decisions to provide loss compensation for the livelihood and survival of ordinary people." In addition, on this day, Chairman Kim requested the government to 'completely overhaul the current quarantine policy' and 'establish a national public-private joint emergency medical committee.'

In response to Ahn Cheol-soo, leader of the People's Party, urging to hasten the unification of opposition candidates for the Seoul mayoral by-election, Chairman Kim expressed refusal. He said, "There is no need to take much time to create a unified candidate," adding, "A unified candidate can be made in about a week. The will of the parties involved is important." He further commented on Ahn, "It is regrettable that he seems obsessed with becoming the Seoul mayoral candidate and is constantly restless."

Meanwhile, Chairman Kim stated that he will leave politics after the by-election held on April 7. He said, "As I have repeatedly said, I will no longer be in politics after the by-election."