"Focus on Solving Metropolitan Concentration is Important"... Lee Chang-yong Governor Mentions University Proportional Selection Again

Special Lecture for Youth at Sogang University

Lee Chang-yong, Governor of the Bank of Korea, emphasized on the 30th the importance of addressing the problems caused by the concentration in the Seoul metropolitan area, reiterating the proportional regional selection of students for top-tier universities.

Governor Lee made these remarks during a lecture for young people titled "People Leading the World in the Global Era," held in the small auditorium of the St. Ignatius Hall at Sogang University in Mapo-gu, Seoul, in the afternoon.

In the lecture, Governor Lee highlighted the importance of global leadership and an international perspective, drawing on his experience working at international organizations such as the Asian Development Bank (ADB) and the International Monetary Fund (IMF).

He noted that international experience can enhance the ability to objectively assess reality and compare various solutions, allowing one to understand issues from diverse perspectives, including not only economic theory but also diplomacy and negotiation.

As an example, he mentioned South Korea's appropriate economic growth rate, stating, "For a country like ours that heavily depends on exports, can we be doing well when the entire world is struggling? It is right to make policies by comparing with other countries, but we really lack such thinking."

He continued, "While companies are highly globalized, the government sector and academia seem to be less internationalized. If we complement these areas, I believe our people, who are intelligent and have very dynamic potential for development, have hope."

When asked about the Bank of Korea's role in regional economies within the Seoul-centric Korean economy, he said, "We have been conducting a lot of research recently on the low birthrate issue, and one major cause is the concentration in the Seoul metropolitan area. Researching the harms of this concentration and how to resolve it is an important role of the Bank of Korea."

He added, "When I asked each university to select students proportionally to the number of high school students, there were many comments like 'This is reverse discrimination against Gangnam and Seoul' and 'It is unrealistic.' I hope the way of thinking changes. After traveling around the world, there is no country where universities select students solely based on grades. Although it is said to be impossible, if professors set their minds to it, it can be done."

In response to a student's question about how to restore the middle class, he replied, "It is important to provide appropriate prices for the basic things that make up people's lives. In that regard, controlling housing prices is very important, and we consider this when conducting monetary policy."

This special lecture was hosted by 'Saenggak-ui Chang' (Window of Thought), a mentoring center established for the first time at a domestic university, Sogang University. The session was moderated by Park Young-sun, former Minister of SMEs and Startups, who led the establishment of 'Saenggak-ui Chang.'