Yoon "Policy Promotion for Smooth Landing of Real Estate PF"... 'Economic Issue Review Meeting' After Press Conference

"Business Sites Lacking Profitability to Undergo Restructuring and Liquidation"

On the afternoon of the 9th, the 1st Economic Issue Review Meeting, chaired by President Yoon Seok-yeol, is being held at the Presidential Office building in Yongsan, Seoul. [Image source=Yonhap News]

On the 9th, President Yoon Suk-yeol held the '1st Economic Issue Review Meeting' at the Yongsan Presidential Office to review and discuss responses to economic and financial issues such as real estate project financing (PF), corporate value-up, and short selling.

On the morning of the same day, President Yoon held a public report and press conference marking his 2nd anniversary in office, and in the afternoon, he immediately convened the Economic Issue Review Meeting to focus on discussing economic issues and countermeasures, actively engaging in "taking care of the economy."

First, regarding real estate PF, President Yoon emphasized, "To solve the problem, it is important to consistently pursue policies for an orderly soft landing." He then instructed, "For PF projects with sufficient feasibility, funds should be supplied smoothly, and for some projects lacking feasibility, restructuring and liquidation should be promoted, while preparing support measures to minimize shocks during the process."

He also mentioned, "Support measures for corporate value-up should be actively and continuously pursued, reflecting the high interest of domestic and foreign investors." President Yoon urged, "Please swiftly implement incentive measures such as tax support so that many companies can voluntarily participate, and promptly prepare concrete plans for improving corporate governance to protect investors' interests."

The meeting was attended by Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance; Kim Ju-hyun, Chairman of the Financial Services Commission; and Lee Bok-hyun, Governor of the Financial Supervisory Service. From the Presidential Office, Chief Secretary Jeong Jin-seok, Policy Chief Seong Tae-yoon, and Senior Secretary for Economic Affairs Park Chun-seop participated, and to review macroeconomic and financial conditions, Lee Chang-yong, Governor of the Bank of Korea, also joined.

Afterwards, President Yoon reviewed the market situation and investor responses since the ban on short selling in November last year with the attendees and discussed measures to improve the short selling system. He stated, "The short selling system must be fundamentally improved to protect investors and establish fairness in the capital market," and requested the thorough establishment of a computerized system to monitor and block illegal short selling to resolve the recurring problem of illegal short selling by institutions and foreigners.

Additionally, President Yoon evaluated, "The first quarter GDP grew by 1.3%, and export and employment indicators are showing favorable trends, indicating a clear economic recovery," and emphasized, "It is necessary to continue managing the macroeconomy stably while promoting livelihood stability and enhancing economic dynamism."

He added, "Regarding major economic issues such as semiconductors in the future, we will intensively hold Economic Issue Review Meetings with relevant ministries and agencies to examine risk factors and discuss response directions."