Yoon: "Discussing fostering the financial industry to provide high profits and jobs"

Afternoon Financial Services Commission Work Report on the 30th... Over 4 Hours of Discussions on Financial Stability and Industry Promotion

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol on the 30th, during the Financial Services Commission (FSC) work report, urged, "Please discuss policies to foster the financial industry so that it can generate high profits and provide many quality jobs for our future generations."

President Yoon made these remarks at the Blue House State Guest House in the afternoon while receiving the 2023 financial policy direction report from the FSC. The report session, held under the slogan "Unwavering Financial Stability, Financial Industry Opening Tomorrow," was attended by about 110 people, including Kim Joo-hyun, Chairman of the FSC, Lee Bok-hyun, Governor of the Financial Supervisory Service, heads of related policy institutions, financial holding company chairpersons, and financial association presidents.

President Yoon Suk-yeol attended the Financial Services Commission briefing held at the Blue House State Guest House on the afternoon of the 30th.
[Photo by Yonhap News]

The FSC work report was conducted solely, unlike previous sessions involving multiple ministries. The meeting, held from 3 p.m. for about four hours, presented 12 major policy tasks including ▲ proactive response to financial market risk factors ▲ thorough management of real estate-related financial risks ▲ prevention of corporate insolvency expansion and blocking the transmission of financial sector insolvency ▲ expansion of future growth engines such as New Industry 4.0 ▲ support for small business owners and SMEs facing difficulties ▲ alleviation of housing and financial difficulties due to interest rate hikes and housing price declines ▲ reduction of financial burdens and repayment difficulties for vulnerable groups in the high-interest era ▲ firm protection of citizens from financial crimes and fraud ▲ innovative finance expanding globally ▲ fostering new financial industries such as fintech ▲ advancement of capital markets in line with global standards ▲ promotion of consumer trust and convenience.

Following the work report, the "Discussion on Financial Market Stability and Financial Industry Development" was held, where in-depth discussions took place among financial experts, private financial companies, and government officials on three topics: ▲ financial market stability ▲ support for real economy and livelihood stabilization ▲ financial industry development.

In his opening remarks, President Yoon said, "Last year, prices rose significantly due to supply chain disruptions including crude oil, and the economy suffered from a double burden due to global high interest rates." However, he added, "Many of you here experienced the IMF (International Monetary Fund crisis) and the 2008 financial crisis as one body," and explained, "Although the public endured much hardship last year, we managed to avoid a catastrophe, achieving relatively macroeconomic stabilization, timely financial support for the industrial real sector, and financial support measures for ordinary citizens, which are evaluated as having been carried out smoothly."

Meanwhile, President Yoon concluded the face-to-face work reports from 18 ministries, 4 offices, and 4 commissions (the Korea Communications Commission and the Anti-Corruption and Civil Rights Commission were replaced by written reports), as well as some Blue House-level agencies, with the FSC work report on this day. Unlike previous work reports where ministers had private meetings with President Yoon at the Yongsan Presidential Office, this time many ministries conducted public reports to the president and the people.