Interview with Former Lawmaker Park Yongjin on the 17th
Flexible Stance on Party's Rightward Shift Controversy
Critical View on Easing Inheritance Tax
Former Democratic Party lawmaker Park Yong-jin stated, "Talking about economic growth and corporate support should not be seen as a rightward shift or a conservative move." It is noteworthy that a presidential candidate-level politician from a progressive party showed a flexible attitude toward the internal rightward shift controversy within the Democratic Party.
Former lawmaker Park Yong-jin is being interviewed by Asia Economy at the Gangbuk Future Research Institute in Gangbuk-gu, Seoul. Photo by Jo Yong-jun
In an interview with Asia Economy held on the afternoon of the 17th at the Gangbuk Future Research Institute in Gangbuk-gu, Seoul, Park said that strengthening corporate engagement is not a concept opposed to 'economic democratization.' He explained, "Economic democratization is fundamentally about maintaining a competitive structure in the market economy well, not about strangling (corporations)."
Regarding the politically sensitive issue of pension reform, Park suggested, "It is important to quickly carry out structural reforms and consider ways to increase the returns on all funds, including the National Pension Service." Furthermore, he proposed a retirement asset project linking pension reform with a sovereign wealth fund to delay the depletion of pensions. He stated, "In the last presidential primary, I proposed a sovereign wealth fund project to integrate and operate various funds, including the National Pension Service, under the government." Park also evaluated Democratic Party leader Lee Jae-myung's 'K-NVIDIA' remark as likely meaning investment-based growth.
However, he expressed a critical view on the easing of inheritance tax. He questioned, "There must be clear evidence of what effect tax cuts have on economic growth," adding, "Whether it is inheritance tax or a scheme applied to real estate in Mayongseong (Mapo, Yongsan, Seongdong districts), how can not paying the taxes owed stimulate domestic demand?"
Former lawmaker Park Yong-jin is being interviewed by Asia Economy at the Gangbuk Future Research Institute in Gangbuk-gu, Seoul. Photo by Jo Yong-jun
It is an interesting point that Park viewed the easing of corporate and family business inheritance tax positively from an economic effect perspective. He said, "It is based on the premise of inheriting with the intention to continue operating the business," and added, "I am in favor of encouraging and supporting small and medium-sized enterprises to become large or global companies."
Although Park is a two-term lawmaker, his political career spans nearly 30 years. A former student council president at Sungkyunkwan University, he gained attention by running in the 16th general election in 2000 for Gangbuk-eul, Seoul, during the Democratic Labor Party era, securing over 13% of the vote.
There is also interest in whether Park, who competed with Lee Jae-myung for the Democratic Party leadership, will participate if an early presidential election is held. Park left a lingering remark, saying, "If (the primary) has to be held, I am one of the best-prepared candidates." He added, "I am contemplating it, hoping that the decision day is not far away."
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