Jin Jeong-seok: "We Must Show Commitment to Stabilizing Rice Prices... Party and Government Will Reorganize Their Ranks"

High-Level Party-Government Meeting Held at Prime Minister's Residence in Samcheong-dong on the Morning of the 25th
Joo Ho-young: "Policies Must Be Precisely Organized to Overcome Opposition Party's Non-Cooperation"

Prime Minister Han Duck-soo is talking with the leadership of the People Power Party at the high-level party-government consultation meeting held on the 25th at the Prime Minister's official residence in Samcheong-dong, Jongno-gu, Seoul. From the left, Kim Seok-ki, Secretary-General; Han Duck-soo, Prime Minister; Chung Jin-seok, Emergency Response Committee Chairman; Joo Ho-young, Floor Leader; Sung Il-jong, Policy Committee Chairman. (Photo by Yonhap News)

[Asia Economy Reporter Kum Boryeong] Jeong Jin-seok, Emergency Response Committee Chairman of the People Power Party, emphasized on the 25th, "The party and government need to proactively demonstrate their policy will to stabilize rice prices."

At the high-level party-government meeting held at the Prime Minister's official residence in Samcheong-dong that morning, Chairman Jeong stated, "The opposition party, leveraging its majority seats, is, in my view, pushing through a rather populist and inflammatory revision of the Grain Management Act."

Chairman Jeong said, "I want to stress the need to prepare early measures to stabilize rice prices," adding, "Currently, 370,000 tons of rice are isolated from the market, including 270,000 tons of surplus supply and 100,000 tons for market stabilization. Nevertheless, the farm gate price of rice continues to decline."

He continued, "As of the 15th, the price per 20kg was 40,725 won, a 24.9% decrease compared to the same period last year," and added, "The agricultural sector is already demanding the establishment of rice price stabilization measures and is engaging in collective action."

Along with this, Chairman Jeong explained, "According to a recent Bank of Korea report, as of the end of June this year, the total debt held by households and businesses reached 4,345 trillion won, the largest ever," and said, "With the U.S. interest rate hikes increasing interest burdens, this is causing serious financial strain on households and businesses. Measures that the public can feel are required."

At the high-level party-government meeting that day, topics such as responses to stalking and other obsessive violent crimes, measures to reduce financial burdens, and eradication of voice phishing were discussed.

Chairman Jeong said, "As the ruling party, we have caused considerable concern," and added, "Now that our floor leader Joo Ho-young has been elected and the leadership system is gradually being organized, I am determined to fulfill my responsibilities and roles as the Emergency Response Committee Chairman of the ruling party."

He also said, "I hope that today's party-government meeting will mark a new start, with our party and government regrouping, focusing solely on the people, and showing that we will work properly."

Floor Leader Joo said, "Although there has been a regime change, we face an overwhelming minority government situation, and the Democratic Party of Korea is not readily cooperating due to their presidential election defeat, making it a very difficult situation," and added, "Moreover, the party itself has unstable elements, and since the government has just been launched, various personnel settings and internal cooperation structures have not been established, so I think this recent period is the most difficult time when looking at the five-year regime."

He then said, "To overcome the opposition's non-cooperation, we have no choice but to refine policies meticulously and explain them thoroughly to the public, breaking through with the power of public opinion."