President Lee Chairs Senior Secretaries' Meeting
"Real Estate Can Also Move Toward Normalization, Just Like the Capital Market"
"Market Normalization Trend Will Grow If Backed by Measures Such as a Law to Prevent Stock-Price Suppression"
Repeated Calls for Wildfire and Safety Measures
On Inter-Korean Relations: "We Must Put an End to the Past When We Raced Toward Confrontation and War"
"Normalizing Inter-Korean Relations Will Not Be Achieved in One Stroke"...Pledge of Continued Efforts to Build Trust
President Lee Jaemyung said, "In the Seoul area, we are seeing a significant decline in housing prices, and the number of homes for sale is also visibly increasing," adding, "Dismantling the ruinous 'real estate republic' is by no means an insurmountable barrier."
In his opening remarks at a senior secretaries' meeting he chaired at the presidential office on the 26th, President Lee stated, "Just as the normalization of the capital market, which once seemed impossible, is becoming a reality, the abnormalities in the real estate market can also move toward normalization."
Regarding trends in the real estate market, President Lee said, "I am told that the rate of increase in jeonse prices is also slowing," and added, "We must further accelerate the great shift of capital toward 'productive finance,' which is an irreversible trend." He went on to say, "We must firmly move toward an 'economy for all' that normalizes the abnormal real estate market and brings tangible improvements to people's lives."
On the capital market, President Lee also mentioned the third amendment to the Commercial Act, which passed the plenary session of the National Assembly the previous day. The core of the third amendment to the Commercial Act is a principle that when a company acquires its own shares, it must cancel them within one year.
President Lee said, "We have carried out institutional reforms such as making the cancellation of treasury shares mandatory, and if additional institutional reforms such as a law to prevent stock-price suppression are put in place, the trend toward (market) normalization will become even stronger," adding, "Assets that were undervalued due to the Korea discount are gradually being normalized and improved." He then stressed, "We must go beyond normalization and move from 'Discount Korea' to a 'Korea Premium.'"
President Lee strongly condemned the fraudulent receipt of government subsidies and ordered the establishment of measures that make people clearly aware that being caught will lead to 'total ruin.' He said, "Brazen acts of grand theft are taking place as some treat taxpayers' hard-earned money as 'unclaimed funds,'" and added, "We should not only fully recover all fraudulently received subsidies, but also consider economic sanctions amounting to several times the amount." In particular, he said, "Please establish thorough preventive measures and accountability measures so that everyone can clearly recognize that being caught will lead to total ruin."
He also repeatedly called for measures on wildfires and safety. President Lee said, "This year the weather is drier than in previous years, creating conditions in which fires can spread into large-scale wildfires," and instructed, "The increase in the number of incidents may ultimately be due to carelessness. Please establish measures to minimize occurrences." Regarding safety management during the thawing season, he called for detailed and swift inspections of hazardous facilities such as steep slopes, retaining walls, and old houses, emphasizing, "The starting point of all state affairs is the safety of the people."
On inter-Korean relations, President Lee said, "The values we must pursue are peace and stability," and added, "We must put a definitive end to the past, when we raced toward confrontation and war." He went on, "We must seriously reflect on whether acts of insult or threats against North Korea have ever been useful for peace and stability on the Korean Peninsula, or for our national interest and security."
He then emphasized that inter-Korean relations must also be normalized. Citing the proverb "You cannot be full from a single spoonful of rice," President Lee said, "We cannot erase the hostility and confrontational mindset that have built up over a long period all at once. We will build trust through persistent efforts to communicate, talk, and cooperate."
Earlier, North Korean leader Kim Jong Un said, according to the Korean Central News Agency, that there would be "no reason not to get along well" with the United States if Washington recognized North Korea as a nuclear-armed state and withdrew its hostile policy, insisting that everything depends on the U.S. attitude. In contrast, regarding South Korea, he denounced the Lee Jaemyung administration's conciliatory stance as a "charade" and declared that the North would "permanently exclude it from the category of fellow countrymen." The report that day covered the contents of Kim's "report on the review of work" delivered on February 20-21 in connection with the 9th Congress of the Workers' Party.
Kim said, "The prospects for DPRK-U.S. (North Korea-U.S.) relations depend entirely on the attitude of the United States," and declared, "Whether it is peaceful coexistence or eternal confrontation, we are prepared for everything, and the choice is not ours to make." Regarding South Korea, he stated, "We have absolutely no reason to discuss anything with the Republic of Korea, which is the most hostile entity, and we will permanently exclude South Korea from the category of fellow countrymen."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
