Kwon Seong-dong's Negotiation Group Representative Speech
Yoon Government's Economic Policy is 'Private Sector-Led'
Will Introduce Regulatory Judgment System
Main Cause of Public Hardship is 'Moon Government'
Corporate Tax Increase is Penny Wise, Pound Foolish
Bold Tax Reform Needed for Active Corporate Investment
Minnochoong Has Fallen into a 'Gangster Group'
Determined to Strictly Punish Illegal Union Strikes
Emphasized Importance of Labor Reform
Kwon Seong-dong, Acting President and Floor Leader of the People Power Party, is delivering the negotiation group representative speech at the plenary session held at the National Assembly on the 21st. Photo by Yoon Dong-joo doso7@
[Asia Economy Reporters Hyunju Lee and Hyunji Kwon] Kwon Seong-dong, Acting President and Floor Leader of the People Power Party, stated on the 21st, "The economic policy of the Yoon Seok-yeol administration is ‘private sector-led’," adding, "We will restore a free market order through bold regulatory reforms." This stance came in response to Park Hong-geun, Floor Leader of the Democratic Party of Korea, who the day before had put a brake on the Yoon administration’s planned corporate tax cut policy, emphasizing that "politics should not hinder the economy." Regarding the recent strike by subcontractor unions at Daewoo Shipbuilding & Marine Engineering, he sharply criticized, saying, "The Korean Confederation of Trade Unions (KCTU) has degenerated into a ‘gangster-style interest group’ that bullies employers and non-union members with violence."
In his parliamentary negotiation group leader speech titled "Preparing for Korea’s Leap Forward with Innovation and Responsibility," Kwon defined the Yoon administration’s ‘private sector-led’ approach as a "fundamental transformation" and announced plans to devise regulatory reform measures. He declared, "We will introduce a ‘Regulatory Judgment System’ that allows regulated parties to recommend improvements through regulatory review, and when new regulations are introduced, we will abolish or ease existing regulations at twice the estimated net cost of the new regulations."
The speech began with criticism of the Moon Jae-in administration. Kwon said, "Throughout the five years of the Moon administration, political gains were prioritized over national interests and the people," and pointed out, "Short-sighted policies that live only for today and divisive policies that split the people are the main causes of hardships in people’s livelihoods." He continued, "Only by properly identifying the causes can alternatives be established," and emphasized, "We must reset the direction of state affairs." When Kwon criticized the previous administration’s ‘entrenched personnel appointments,’ the previously calm atmosphere was broken, with applause from the People Power Party and jeers from the opposition.
Kwon Seong-dong, Acting President and Floor Leader of the People Power Party, is delivering the negotiation group representative speech at the plenary session held at the National Assembly on the 21st. Photo by Yoon Dong-joo doso7@
Kwon described raising corporate tax as ‘penny wise, pound foolish’ and stressed, "Bold tax reforms are necessary to encourage active corporate investment." Regarding this, he said, "Considering international tax competition, we will simplify the corporate tax brackets and lower the top rate to 22%." He also proposed shifting inheritance tax from an ‘estate tax’ to an ‘inheritance acquisition tax’ system and increasing the inheritance tax exemption limit similar to the United States. He promised to promptly pass legislation to expand the reduction of fuel tax once the National Assembly is normalized. When large corporations relocate to local areas, he pledged, "We will provide various tax incentives and regulatory relaxations," and said efforts will be made for sustainable and balanced regional development.
Kwon mentioned the importance of labor reform while referring to the recent strike by subcontractor unions at Daewoo Shipbuilding & Marine Engineering. He strongly criticized, saying, "Not only Daewoo Shipbuilding but workplaces controlled by the KCTU have become ‘extraterritorial zones’ and ‘lawless sanctuaries’ in Korea," and added, "The KCTU has degenerated into a ‘gangster-style interest group’ that bullies employers and non-union members with violence." It is reported that Kwon himself introduced the term ‘gangster.’ This was interpreted as a strong indication of his determination to strictly punish illegal strikes by unions. Kwon said, "120 illegal striking union members are holding the livelihoods of 100,000 Geoje citizens hostage," and stated, "Strict legal judgment against illegality and violence is the restoration of fairness and common sense."
He also expressed his commitment to pension and education reforms. Regarding pensions, he called it "a ticking time bomb threatening the future," and said, "A social grand compromise is necessary." On education reform, he raised his voice, saying, "We must change the method of calculating education grants."
Kwon Seong-dong, Acting President and Floor Leader of the People Power Party, is shaking hands with fellow lawmakers after delivering the floor leader's speech at the plenary session held at the National Assembly on the 21st. Photo by Yoon Dong-ju doso7@
Considering the reality of a National Assembly where the opposition holds the majority, he did not forget cooperation with the opposition. Kwon said, "Korea is facing a period of great transformation," and added, "Following President Park Chung-hee’s industrialization and President Kim Dae-jung’s informatization, Korea’s third leap forward will be possible through cooperation among the government, the National Assembly, and both ruling and opposition parties."
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