In January when the announcement of the 4th English Economic Essay Contest for university students was made, few imagined that the global economy would be in such trouble as it faces today. The Korea Times is quite honored to have picked the title on ways to reduce risks in the globalized financial market for this year's competition in the category for foreign students.

This year, 1,007 students from 27 countries participated in the competition sponsored by Woori Bank on the occasion of the 58th anniversary of The Korea Times.

A wide geographical representation was made in the entries and the list of winners, symbolizing the fact that as the competition entered its fourth year, more and more students both at home and abroad are participating.

In particular, a Singaporean student from Columbia University in New York won the Grand Award and a Kenyan and an Indian students in Korea garnered Commendation Awards this time.

The other Grand Award went to Lee Dong-joon, a student of Hankook University of Foreign Studies. Yang So-mang, a Yonsei University student, and Kim Soo-min, an Ewha Womans University student, won the Runner-Up Award and Commendation Award, respectively.

For Korean students, the subject was, ``The Role of English in the Korean Economy.'' For international students, the subject was, ``Ways to Reduce Risk in the Globalized Financial Market.''

Clarity and brevity were parts of the committee's judging criteria in picking the winners.

While some excellent thesis-style articles were entered into the competition, these were considered to be too complex and academic for newspaper publication, although still being of the highest quality.

Essays that gave some personal experience and viewpoints were given special consideration in that they highlighted the real world problems facing Koreans, and the domestic and global economies as a whole. All the winners have ``messages'' and demonstrated the ability to make complex issues very simple.

All of the entrants produced excellent work, thus making the judges' decisions in selecting the prizewinners all that more difficult.

In selecting the winners, originality and alternative policy suggestions were given 60 percent of the weight. Logic and facts took up 30 percent and the remaining 10 percent was for grammar and writing skills.

Many students who participated in the competition with last year's subjects were also given the same opportunity for screening without bias because The Korea Times had made a technical mistake of printing last year's subjects in the advertisements during a specific period.

The Korea Times expects more entries in next year's fifth English essay contest. Thanks to all participants.

Woori Bank