"Many Demand Suppression and Supply Expansion Measures Still Remain"
"Will Accelerate Housing Supply in Planned New Towns"... Speculative Demand Disrupts the Real Estate Market"
"Alleviating Public Hardship and Building a Country That Grows and Leaps Forward Again"
"Efforts to Restore a Virtuous Economic Cycle"
President Lee Jaemyung stated at a press conference marking his first month in office, held at the Blue House State Guest House on July 3, that the policy limiting home mortgage loans (jumdandae) to a maximum of 600 million won in the Seoul metropolitan area and other regulated regions is merely a "preview."
In response to a question about real estate regulations, President Lee said, "While concentration in the Seoul metropolitan area is intensifying, speculative demand is significantly disrupting the real estate market. I intend to change the overall trend," adding, "There are many measures related to real estate."
He explained that these measures include both demand suppression policies and supply expansion policies. President Lee said, "Supply measures do not necessarily mean only new sites for new towns; we can also utilize existing sites or land. We can even increase density. There are many more fundamental demand suppression measures beyond what we have now." He continued, "There are still many planned new towns, but actual supply is not happening. For those already planned, I intend to accelerate the process."
President Lee further stated, "I believe the future of the Republic of Korea will be greatly influenced by real estate policy. In our already limited territory, concentration in the Seoul metropolitan area is intensifying. Speculative demand is, in fact, greatly disrupting the real estate market, so I am considering changing the overall trend." He added, "Although things may not go exactly as I wish, I now believe it is much better to shift from real estate to the financial market."
"Mobilizing All Measures to Stabilize Livelihoods and Ease Living Costs"
Earlier, in his opening remarks, President Lee said, "I will mobilize all possible measures to stabilize livelihoods and ease the burden of living costs for the people," and added, "We will invest in the future, including cutting-edge technology industries such as artificial intelligence (AI) and semiconductors, the renewable energy industry including energy highways, and the cultural industry."
President Lee particularly emphasized that, in order to accelerate technology-driven growth, he would prepare for the "KOSPI 5000 era" through the advancement of the capital market, which is the core platform for growth. He diagnosed, "Domestically, we are facing a complex crisis layered in many ways, while externally, a major civilizational transformation is threatening our survival." He continued, "For the remaining four years and eleven months, I will do my utmost to fulfill the people's solemn mandate to take the lead in change, overcome the current crisis, and open the window to infinite opportunities."
President Lee stated that alleviating the public's hardships and creating a country that grows and leaps forward again is the top priority. He also expressed his commitment to balanced development, including stabilizing the real estate market and overcoming the "Seoul metropolitan area single-core system." President Lee said, "I will do everything possible to ensure that funds in the market flow from unproductive to productive sectors, restoring a virtuous economic cycle," and added, "Based on the fundamental principles of respecting market mechanisms and protecting genuine demand, we will focus on stabilizing the real estate market with effective measures."
President Lee pledged, "We will build a tighter social safety net to protect vulnerable groups facing the waves of economic hardship and move toward a society where every citizen's basic life is guaranteed."
Regarding peace on the Korean Peninsula, President Lee said, "Just as North Korea responded to the government's recent preemptive suspension of loudspeaker broadcasts, a virtuous cycle of peace is always possible," and declared, "We will open the path to peace and coexistence on the Korean Peninsula." He also stated his intention to transform the "Korea Discount" into a "Korea Premium." Regarding the retention of Minister of Agriculture, Food and Rural Affairs Song Miryung, President Lee said, "Given the particular importance of agriculture as a national strategic industry, I will personally address the issues facing agriculture and farmers."
"It Feels Like Time Passes by the Week... Relying Only on One Side Is Dangerous"
When asked about his reflections on his first month in office, President Lee replied, "Each day passes quickly. It feels like time is passing by the week." He added, "I ask my aides to endure well, thinking that the effect of public servants suffering nosebleeds and fatigue is multiplied by 51.17 million times."
In response to questions about recent cabinet and presidential office appointments and the idea of regular summit meetings, he said, "While it is possible to select and use only people who fit our color or side, as the president representing all citizens, it is dangerous to rely only on those who suit my preferences or share the same color." He said that whether public or private, summit meetings should be held frequently whenever possible.
Meanwhile, President Lee expressed his desire to implement the 4.5-day workweek as soon as possible. He said, "As it becomes established as a social trend, I believe the 4.5-day workweek will become a realistic and achievable goal overall."
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