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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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Foreign Affairs

Envoy's remarks cast further chill over Korea-China relations

Chinese Ambassador to Korea Xing Haiming, left, gestures during a meeting with main opposition Democratic Party of Korea Chairman Lee Jae-myung at the envoy's residence in Seongbuk District, Seoul, Thursday. Joint Press CorpsNeighboring countries urged to prevent tensions from escalatingBy Lee Hyo-jin Korea's already-deteriorating relations with China seem to be going further downhill following Chinese Ambassador to Seoul Xing Haiming's openly critical remarks about the Korean government's foreign policy.Analysts viewed that both countries should make efforts to prevent the latest diplomatic flare-up between Seoul and Beijing from deepening into friction in other fields such as the military and the economy.During a dinner with main opposition Democratic Party of Korea (DPK) Chairman Lee Jae-myung last Thursday, Xing read a prepared statement in front of reporters, expressing discontent about Korea's increasing alignment with the United States. The 15-minute speech given in Korean was aired live on the DPK's official YouTube channel.“The current China-Korea relations are facing

Jun 12, 2023By Lee Hyo-jin
Envoy's remarks cast further chill over Korea-China relations
  • Korea has right to make any foreign policy decision it sees appropriate: White House
  • Korea waiting for 'appropriate measure' from China over envoy's remarks
North Korea

S. Korea may see rise in NK defectors as Pyongyang mulls reopening borders

People watch the North Korean side as they visit to celebrate the New Year at Imjingak Pavilion in Paju, near the border with North Korea, Jan. 1, 2022. AP-YonhapBy Lee Hyo-jinSouth Korea could experience a significant increase in defectors from North Korea in the coming months, according to analysts, as the reclusive regime is considering whether to reopen its borders following three years of closure due to the COVID-19 pandemic, which might pave the way for more defections.Given North Korea's critical food crisis, diplomats and high-ranking officials who were abroad for overseas assignments prior to the pandemic may attempt to seek refuge in South Korea instead of returning home, the experts viewed.Rep. Tae Yong-ho of the ruling People Power Party (PPP), who served as North Korea's deputy ambassador to Britain before defecting to South Korea in 2016, said on Thursday that there are growing signs of North Korean diplomats looking to defect to the South.“There have been rumors circulating among North Korean overseas missions that due to the pandemic, some families have been sep

Jun 9, 2023By Lee Hyo-jin
S. Korea may see rise in NK defectors as Pyongyang mulls reopening borders
Society

Gov't to launch intensive crackdown against foreigners committing drug crimes

The Ministry of Justice building in Gacheon, Gyeonggi Province / Korea Times fileBy Lee Hyo-jin The Ministry of Justice has vowed stern punishment of foreign nationals charged with drug crimes here. It announced Thursday the launch of an intensive crackdown in the coming weeks on people of foreign nationality involved in drug crimes, amid an increasing number of drug-related crimes here.Under a “one-strike policy,” those who are caught for drug-related offenses ― regardless of the severity of the crime ― may face criminal charges, deportation and even a permanent re-entry ban. Such tough measures align with the government's full-fledged efforts to win the self-declared “war on drugs” as the nation grapples with an unprecedented scale of drug offenses. A total of 4,124 individuals were charged with drug crimes in the first quarter of this year, a 34 percent jump from the same period last year, according to data from the Supreme Prosecutors' Office. The number of foreign nationals charged with drug offenses has seen a steady increase from 1,092 in 2019 to 1,466

Jun 8, 2023By Lee Hyo-jin
Gov't to launch intensive crackdown against foreigners committing drug crimes
Society

Heart transplant recipients tie the knot

Heart transplant recipients Ham Eun-ji, 28, left, and Choi Jae-won, 34, will tie the knot this Sunday, according to Asan Medical Center. YonhapBy Lee Hyo-jin Ham Eun-ji, 28, and Choi Jae-won, 34, a couple sharing an unusual bond ― have gotten a second chance at life because of heart transplants ― will tie the knot this Sunday, according to Asan Medical Center in Seoul, where a significant part of their story unfolded.Ham was diagnosed with dilated cardiomyopathy (DCMP) at the age of 13, a rare and life-threatening disease with a prevalence of one in 100,000 children. The heart muscle disease caused her heart chambers to thin and stretch, making transplantation the best option.Although she was able to find a matching donor, Ham could not afford to get the surgery she urgently needed immediately.Fortunately, Im Yu-mi, a nursing professor at Dankook University, who was then working as a nurse at the medical center, offered to help Ham to look for ways to receive monetary donations. Thanks to Im's dedication, Ham successfully underwent a heart transplant operation.After the surgery, she

Jun 7, 2023By Lee Hyo-jin
Heart transplant recipients tie the knot
Politics

Presidential office's plan to revamp TV viewing fees causes stir

KBS' headquarters in Yeouido, Seoul / NewsisOpposition party, KBS slam gov't for 'attempting to tame media'By Lee Hyo-jin A recommendation by the presidential office to revamp a fee the public pays every month to watch state-run broadcaster Korean Broadcasting System (KBS) is causing a stir.Although the proposal is backed by overwhelming public support according to President Yoon Suk Yeol's office, it is drawing criticism from the media and opposition lawmakers who perceive the move to be yet another attempt by the Yoon administration to suppress press freedom.Since 1994, KBS has been charging a monthly fee of 2,500 won ($1.91) on each household to watch its programs. The payment, incorporated into monthly electricity bills, is collected by the state-run Korea Electric Power Corp.The quasi-tax system, requiring virtually every household to pay the fee whether they watch KBS or not, has been a source of debate for over a decade, especially in recent years because a growing number of people do not have a TV at home and just use computers or smartphones to watch programs on streaming se

Jun 6, 2023By Lee Hyo-jin
Presidential office's plan to revamp TV viewing fees causes stir
Foreign Affairs

Agency launched to offer exclusive support for overseas Koreans

President Yoon Suk Yeol holds a signboard of the newly launched Overseas Koreans Agency with Lee Key-cheol, inaugural head of the agency, during an opening ceremony in Incheon, Monday. Joint Press CorpsPresident to invite Korean victims of atomic bombing in Hiroshima to homelandBy Lee Hyo-jin Korea launched, Monday, a new agency tasked with overseeing affairs related to 7.5 million Koreans living abroad.President Yoon Suk Yeol said he hopes the Overseas Koreans Agency will strengthen networks between Koreans here and abroad to promote mutual growth and prosperity.The new agency, headquartered in Incheon and under the wing of the Ministry of Foreign Affairs, will replace the Overseas Koreans Foundation based on Jeju Island.Staffed with 151 employees, the Overseas Koreans Agency will provide integrated services for Koreans overseas regarding visas, military service, taxes and pension entitlements, offering more assistance than the previous organization that focused more on cultural exchanges.The opening ceremony was held in Songdo, Incheon, where the main gateway to the country, Incheo

Jun 5, 2023By Lee Hyo-jin
Agency launched to offer exclusive support for overseas Koreans
Defense

Memorial event to be held for fallen Thai soldiers of Korean War

Members of the Korea Military Song Choir take part in a commemorative ceremony honoring fallen Belgian soldiers of the Korean War in this October 2019 photo. The choir will hold a concert Tuesday to commemorate the Thai soldiers this year. Courtesy of Korea Military Song ChoirBy Lee Hyo-jin The Korea Military Song Choir (KMSC) will hold a commemorative ceremony to honor fallen Thai soldiers of the 1950-53 Korean War, Tuesday, marking Memorial Day, which falls on June 6.The event will take place at the Thai Army Veterans Memorial that is located in Pocheon, northeast of Seoul in Gyeonggi Province from 3 p.m., with 20 members of the choir performing. It will feature a silent tribute, the laying of a wreath and the singing of the Thai national anthem as well as a Korean military marching song.Thailand was one of the first countries to dispatch troops to help South Korea during the Korean War. A total of 6,326 Thai soldiers participated in the war and U.N. peacekeeping efforts thereafter. Among them, 129 were killed and 1,139 were wounded. Later this month on June 23, the choir members w

Jun 5, 2023By Lee Hyo-jin
Memorial event to be held for fallen Thai soldiers of Korean War
Defense

S. Korea, Japan agree to prevent recurrence of maritime dispute

South Korea's Defense Minister Lee Jong-sup, left, hold bilateral talks with Japanese Defense Minister Yasukazu Hamada on the sidelines of the annual Shangri-La Dialogue in Singapore, Sunday. YonhapSeoul, Tokyo, Washington to share NK missile warning data in real timeBy Lee Hyo-jin The defense chiefs of South Korea and Japan agreed to find ways to prevent a recurrence of a maritime dispute, signaling a major step in mending frayed military ties as the two countries team up against North Korea and its evolving nuclear threats.South Korea's Defense Minister Lee Jong-sup held bilateral talks with his Japanese counterpart Yasukazu Hamada, Sunday, on the sidelines of the Shangri-La Dialogue in Singapore. It was the first two-way defense ministerial talks between the neighboring countries in three and a half years.“We have agreed to focus on preventing a recurrence,” Lee told reporters shortly after the meeting, referring to the 2018 maritime incident. He added that the two nations will resolve the matter beginning with working-level discussions.The rare one-on-one talks betwee

Jun 4, 2023By Lee Hyo-jin
S. Korea, Japan agree to prevent recurrence of maritime dispute
Defense

Korea denies discussion with EU on sending ammunition to Ukraine

Defense Minister Lee Jong-sup, left, shakes hands with Josep Borrell, high representative of the European Union for foreign affairs and security policy, during the third plenary session of the Shangri-La Dialogue in Singapore, Saturday (local time). YonhapBy Lee Hyo-jin The Ministry of National Defense denied claims that it discussed sending ammunition to Ukraine with the European Union (EU), amid lingering speculation that Korea is proceeding with indirect military assistance to Kyiv.Korea's Defense Minister Lee Jong-sup met with Josep Borrell, high representative of the EU for foreign affairs and security policy, Saturday, on the sidelines of the Shangri-La Dialogue in Singapore.In a tweet after the meeting, Borrell said, “Good meeting with Korean Defense Minister Lee Jong-sup at #SLD23. Shared alarm at continued DPRK provocations and discussed Ukraine's needs for ammunition.”However, the defense ministry dismissed claims that Lee and Borrell discussed ammunition support to Kyiv. “The EU mentioned the need for various weapons systems and other support in order to

Jun 4, 2023By Lee Hyo-jin
Korea denies discussion with EU on sending ammunition to Ukraine
Politics

Korea to offer tax benefits to biopharma industry, open public health data

President Yoon Suk Yeol speaks during an export strategy meeting held in Gangseo District, Seoul, Thursday. YonhapBy Lee Hyo-jin The government will offer tax incentives for the biopharma sector and increase access to public health data, as a part of its efforts to nurture a biohealth cluster modeled after the “Boston Cluster” in the U.S., according to the presidential office, Thursday.During an export strategy meeting held in Magok, Gangseo District of Seoul, Thursday, President Yoon Suk Yeol unveiled a plan to foster innovative firms in high-end industries, including the establishment of a biohealth cluster that will bring together local bio-pharmaceutical firms, universities, think tanks and hospitals. A cluster refers to an industrial complex in which companies, research institutes and think tanks related to a specific industry are gathered in one place to generate synergy. Korea has some 1,800 clusters of 70 different kinds that are currently in operation or being developed.However, many of the existing clusters have struggled to grow internationally due to a lack of

Jun 1, 2023By Lee Hyo-jin
Korea to offer tax benefits to biopharma industry, open public health data
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