Private Lunch with Macroeconomic Experts
Discussion on US Interest Rates and Chinese Real Estate Situation
President Yoon Suk-yeol met with macroeconomic experts on the 25th to comprehensively review the global economic and financial situation. President Yoon emphasized, "The government must focus its efforts on creating a fair and efficient market based on market stability."
According to the Presidential Office on the 25th, President Yoon held a private luncheon meeting with a group of private experts at the Yongsan Presidential Office to exchange views on domestic and international economic conditions. The meeting was attended by five domestic and international private experts, including Kwon Young-sun, Head of Woori Financial Management Research Institute, Song Seung-heon, Head of McKinsey Korea Office, Lee Si-wook, President of the Korea Institute for International Economic Policy, Lim Ji-won, former member of the Bank of Korea Monetary Policy Committee, and Juliana Lee, Chief Economist for Asia at Deutsche Bank, as well as Deputy Prime Minister for Economy Choo Kyung-ho and Bank of Korea Governor Lee Chang-yong.
At the meeting, President Yoon discussed with them the recent U.S. interest rate movements, China’s real estate situation, and other global economic conditions and their potential impact on the Korean economy. The experts attending pointed out that, given the increasing uncertainties in the global economy and financial markets, close monitoring is necessary. They also proposed actively seeking opportunities amid structural changes in the global economy, such as supply chain fragmentation and climate change.
In response, President Yoon stated, "The government must focus its efforts on creating a fair and efficient market based on market stability," urging the government and market experts to communicate and cooperate closely to achieve this.
The Presidential Office places great significance on President Yoon’s focus on reviewing domestic and international economic conditions following his recent series of overseas visits. The day before, he presided over the '4th Regulatory Innovation Strategy Meeting,' conveying the government’s commitment to regulatory reform and delivering detailed messages to each ministry. The aim is to remove regulations to enable businesses to operate freely, thereby increasing investment and revitalizing the economy. Kim Dae-gi, Chief of Staff to the President, also conveyed during the recent announcement of the second cabinet reshuffle that "President Yoon said, 'From now on, the focus of state affairs is the economy.'"
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