Jung Min-ho has worked as a staff writer at The Korea Times since 2012, mostly covering social and political issues. He currently belongs to the Politics & City Desk where he covers topics such as health, labor and human rights. Prior to joining the team, he was responsible for covering North Korea and sports. His article about a biosecurity breach of Middle East respiratory syndrome won him an award from the Korea Science Journalists Association in 2016. He is also the co-author of the book, "Medical Pioneers of Korea" (2019). He served as the head of the international relations committee at the Journalists Association of Korea from 2021 to 2023.
Rival parties compete to take initiative ahead of general elections
Rep. Kim Gi-hyeon, center, leader of the ruling People Power Party, speaks during a Supreme Council meeting at the National Assembly in Seoul, Monday. Newsis
By Jung Min-ho
Megacity, short-selling ban, 3% GDP growth proposed amid worries about populism
Both the ruling and main opposition parties are going all out to gain the upper hand in the run-up to the general elections slated for April next year by seizing the initative on key political objectives, which can sway voters grappling with worsening livelihoods.
Creating megacities across the country, imposing a full ban on short-selling, providing young people with unlimited access to public transportation at a fixed cost and accomplishing three-percent GDP growth are among the vision and policy ideas proposed by rival parties.
Speaking at a Supreme Council meeting on Monday, Rep. Kim Gi-hyeon, chief of the ruling People Power Party (PPP), said he would consider expanding a “mega Seoul” vision to other regions by developing multiple megacities if voters demand it.
As the clock ticks toward the April 10 election, the PPP and the main opposition Democratic Party of Korea (DPK) are stepping up efforts to get their messages across to the public, drawing both excitement and concerns about populism.
At the meeting, PPP lawmakers also defended the recent decision by financial regulators to prohibit stock short-selling until June 2024, saying that the move was necessary to protect retail investors and maintain trust in the market, while possibily seeking to extened the ban until “convincing” reforms are made. The PPP had reportedly pressured financial regulators to make the decision.
On the same day, the DPK launched an election strategy and planning team. So far, the policy idea drawing the most attention is its “30,000-won pass,” which allows adults 34 or younger to use public transportation at a fixed amount of 30,000 ($23) a month.
The DPK has also vowed to increase Korea's economic growth to 3 percent or higher by spurring consumption. Rep. Lee Jae-myung, the DPK leader, did not elaborate on how he intends to do that. He, however, suggested that greater support for small business owners and more investments in research and development at universities could help achieve that goal.
Rep. Lee Jae-myung, leader of the main opposition Democratic Party of Korea, speaks during a Supreme Council meeting at the National Assembly in Seoul, Monday. Yonhap
“On a positive note, the rival parties are now trying to speak to voters with their policy ideas instead of saying how bad or worse the other party is,” Lee Joon-han, a professor of political science at Incheon National University, told The Korea Times.
“But the big ideas proposed so far appear to contain few details on the methods. To me, they seem unrealistic,” Lee added.
Inflation is one of the biggest concerns for voters. Consumer prices rose 3.8 percent in October from a year earlier, which prompted the Yoon Suk Yeol administration to form a task force to better manage inflationary pressure. The DPK, which brings up the issue at every chance, apparently sees it as the biggest weakness of the PPP-run government.
The previous Moon Jae-in administration of the DPK may have sowed the seeds of the issue with its excessive government spending. But on election day, voters will almost certainly hold the incumbent — not the opposition party — accountable for rising prices, the professor said.
But there are limitations to what the government can do to curb inflation as wars in Ukraine and the Middle East and other external factors can influence the trend greatly. Perhaps the most critical factor is who will cast their ballots, according to Cho Jin-man, a professor of politics and international relations at Duksung Women's University.
“If the ruling party can replace the establishment with young, qualified people, as requested by Ihn Yo-han (chief of its reform committee), it would have quite an impact on voters,” Cho said. “The impact would be even greater if the opposition party decides to present the same familiar candidates.”