Choi Sang-mok "Real Estate Volatility Expands... Considering Additional Supply Measures if Necessary"

Economic Ministers' Meeting Held

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is attending and speaking at the Economic Ministers' Meeting held at the Government Seoul Office in Jongno, Seoul on the 10th. Photo by Jo Yong-jun jun21@

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated that volatility in the real estate market is increasing, and announced plans to swiftly supply existing volumes such as the 3rd phase new towns, and expand additional supply measures if necessary.

In his opening remarks at the Economic Ministers' Meeting held at the Government Seoul Office on the 10th, Deputy Prime Minister Choi diagnosed, "Although overall indicators in the real estate market have stabilized recently, price volatility is increasing mainly in some areas of Seoul." He added, "The government, together with related ministries, will closely monitor the market situation, promptly supply the planned volumes such as the 3rd phase new towns, and actively consider expanding additional supply measures if necessary."

He also said, "We will firmly maintain the management stance to stabilize household debt downward," and added, "We will gradually solidify and expand the Debt Service Ratio (DSR) regulations by expanding the scope of DSR application as scheduled from this September."

Deputy Prime Minister Choi emphasized, "In a situation where the economy is still perceived as difficult, the most important thing is the speed at which policies are delivered to the field," and said, "All ministries, local governments, and related agencies will work together like a 'pit crew' in a car race that completes maintenance flawlessly within seconds, thoroughly checking whether policies are being implemented quickly and successfully."

Regarding the employment trends announced on the same day for June, he evaluated, "Temporary factors such as the heatwave partially constrained the increase in employed persons, while the decline in construction employment has widened, and the decrease in self-employed persons continues, indicating partial difficulties."

He stressed, "We will closely monitor employment conditions by industry and class weekly through the pan-ministerial job task force (TF), promptly prepare customized job measures for sectors with employment decline, and respond more meticulously to the employment situation." He also said, "We will steadily implement the comprehensive measures for small business owners and self-employed persons worth 25 trillion won announced last week to actively support the easing of management burdens and reemployment for small business owners."

At the meeting, measures to establish an institutional foundation to utilize used batteries as resources rather than waste, regulatory innovation and resolution of field difficulties in new industries such as autonomous driving, and improvements to the national contract system to lower entry barriers for startups into the procurement market and support the recovery of the construction industry were also discussed.

Deputy Prime Minister Choi said, "To lower entry barriers for startups into the procurement market and support the recovery of the construction industry, we will also improve the national contract system," and added, "We will reduce the fee burden incurred during the payment of contract deposits by procurement companies by more than 20% compared to the existing level."