"We must ensure that losses far outweigh unfairly gained profits," President Lee stresses
President Lee repeatedly criticizes overcharging at cabinet meetings... "An obstacle to revitalizing tourism"
Strict response ordered to stock price manipulation, false and exaggerated advertising, and real estate price rigging
President Lee Jaemyung emphasized the need to eradicate practices that disrupt market order after hearing reports that local accommodation prices in Busan have surged ahead of the upcoming concert by the idol group BTS. Since taking office, President Lee has repeatedly stated that actions disturbing the market have a negative impact on the national economy and has stressed the necessity of a strict response.
On January 16, President Lee wrote on X (formerly Twitter), "We must root out malicious abuses that undermine the entire market order and cause significant harm to everyone," adding, "The losses should far outweigh any unfairly gained profits." He also shared a news article titled, "BTS is coming, so prices jumped tenfold... Busan accommodation fees spark another overcharging controversy."
The article reported that, following the announcement of BTS’s first full-group world tour in four years, some accommodation businesses in Busan have drastically raised their prices. In one case, the price reportedly soared up to ten times higher, drawing widespread attention online. BTS’s domestic concerts will be held in Busan over two days, June 12 and 13.
In a cabinet meeting last September, President Lee also pointed out that overcharging is an obstacle to revitalizing tourism and instructed the Ministry of Culture, Sports and Tourism, along with related agencies, to improve relevant regulations.
President Lee stated, "We need to develop tourism items tailored to local characteristics, but there are repeated complaints about overcharging." Regarding the overcharging issue in Busan, he noted, "Thanks to the Korean Wave, the number of tourists is increasing, and we should be boosting tourism, but this is becoming a barrier." He further instructed officials to consider whether this is something that can be left to self-regulation and to research and devise countermeasures.
President Lee’s directive for a strict response to market disruptions extends beyond the tourism industry. Immediately after returning from a trip to Japan on January 14, he shared a news report on X about the joint stock price manipulation response team doubling its personnel and expanding its operations, warning, "The ruin caused by stock price manipulation is not an empty threat." He added a brief but firm appeal: "Invest properly."
In October last year, President Lee also emphasized that for a market economy to function properly, the circulation of accurate information is crucial. He explained, "There is a flood of false and exaggerated advertising using artificial intelligence (AI) technology, and there are even suspected cases of real estate price manipulation." He stressed that "serious criminal acts that disrupt the national economy must be met with strict measures."
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