Determination for Economic Recovery through Regulatory Reform
"Excluding Essential Regulations like Safety and Environment
All Other Regulations to be Reexamined from the Ground Up"
Choi Jae-hyung, a presidential primary candidate of the People Power Party, is presenting his economic policy vision at the campaign press room located in the Daehwa Building, Yeouido, Seoul on the 13th. Photo by Yoon Dong-joo doso7@
[Asia Economy Reporter Hyunju Lee] On the 13th, former Board of Audit and Inspection Chairman Choi Jae-hyung announced that if he is inaugurated as president, he will declare a "regulatory moratorium" that prohibits the establishment and strengthening of regulations in the economic sector. This is his first pledge since officially declaring his candidacy for the presidential election. Chairman Choi diagnosed the current economic crisis as being caused by anti-business and anti-market "defective regulations" produced under the Moon Jae-in administration, and expressed his determination to restore the economy through regulatory reform.
On the same day, at a press conference held at his campaign office in Yeouido, Seoul, former Chairman Choi stated, "Except for essential regulations for safety, environment, and consumer protection, all regulations will be reexamined from scratch," revealing this policy vision. He pointed out that the current economic situation is due to the regulatory policies of the Moon Jae-in government that have existed since before COVID-19. He argued, "Because of the failed policy of income-led growth and pro-labor union, anti-market, and anti-business policies biased by left-wing ideology, companies have been contracted and the livelihood economy has become more difficult under a regime with an anachronistic perception of reality."
He cited the price ceiling system related to the real estate market, loan regulations, the three lease laws, and the three corporate regulation laws as areas requiring regulatory review. He also mentioned that the revised Labor Union Act, the 52-hour workweek system, and the minimum wage system need improvement because "they have more side effects than expected benefits."
He also announced a plan to manage the quality of existing regulations through innovation of the Regulatory Reform Committee. Former Chairman Choi said, "We will diversify the members by expanding private sector participation so that the Regulatory Reform Committee can balance various side effects," and added, "We will strengthen its status and authority to enhance the consistency and momentum of regulatory reform."
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