President Lee Emphasizes "Emergency Response" and "Communication with the National Assembly"
Ruling Party Launches Economic Task Forces and Special Committees for Two Consecutive Days
The Democratic Party of Korea has launched a task force (TF) focused on the people's livelihood economy, following its previous initiative on the capital market, signaling the beginning of economic recovery efforts from the early days of the Lee Jaemyung administration. The party is moving quickly to align with President Lee Jaemyung after he expressed concerns about uncertainties facing the Korean economy.
On the morning of June 24, the Democratic Party held an inauguration ceremony for its Price Stabilization Task Force (chaired by Representative Yoo Dongsoo) at the main building of the National Assembly in Yeouido, Seoul. Recently, the Democratic Party reached a consensus on forming a price stabilization TF to analyze the impact of domestic and international issues on the economy and to respond to rising prices across essential sectors such as food, daily necessities, and housing costs. Through this TF, which includes the party floor leader and the chair of the policy committee, the Democratic Party plans to articulate its stance on price stabilization and seek countermeasures through smooth communication with the government.
Kim Byungki, acting leader and floor leader of the Democratic Party, stated in his opening remarks, "Price stability is the foundation of people's livelihood," emphasizing the importance of stabilizing prices for the recovery and well-being of the public. He continued, "According to a public opinion survey conducted by the Korea Economic Association in May, 60.9% of respondents identified price stabilization as the top priority for people's livelihood. Over the past four years, the prices of basic necessities such as food, clothing, and housing have risen by 19%, with food prices alone recording a cumulative increase of 25%." He added, "As prices rise, the suffering of the people intensifies. Extraordinary measures are needed to stabilize prices."
The Democratic Party has been launching economic-related TFs for two consecutive days. The previous day, the party established the KOSPI 5000 Special Committee, aimed at creating a fair market order and revitalizing investment in the stock market. During the last presidential election, President Lee pledged to revive the stock market, which had slumped due to the 12·3 Martial Law, and to achieve a KOSPI level of 5000. At the launch ceremony, Acting Leader Kim stated, "The economic policy direction of President Lee Jaemyung and the Democratic Party is clear: to establish a fair market order and to create a trustworthy foundation where foreign investors can invest with confidence." Representative Oh Gihyung, who chairs the special committee, also emphasized that amendments to the Commercial Act?such as the duty of loyalty to shareholders, separate election of audit committee members, and electronic general meetings of shareholders?are global standards that cannot be ignored by the times. He further explained plans to closely communicate with the government for institutional improvements.
Before the impact of the stock price decline and price increases triggered by the 12·3 Martial Law had subsided, a complex economic crisis erupted due to the Israel-Iran war, which led to increases in oil and raw material prices, as well as trade disruptions. In response, the Democratic Party, as the major ruling party, has been rapidly forming its own response bodies to support government policies. At the Democratic Party's internal countermeasures meeting held prior to the TF launch ceremony, Acting Leader Kim stated, "President Lee has instructed the presidential office and all ministries to implement emergency measures regarding the situation in the Middle East," and emphasized, "We will focus all party resources on responding to the Middle East crisis." He continued, "If the current situation leads to a surge in oil and raw material prices, our people, already struggling with high prices, will face double and triple the hardship." He stressed, "The Democratic Party will establish an emergency response system centered on the policy committee and develop effective countermeasures." Lee Jeongmoon, senior vice chair of the party's policy committee, also stated, "We must take preemptive action to prevent the current Middle East conflict from causing price instability or increases in public utility rates."
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