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Lee Kyung-min

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Economy

Lawmaker seeks to prohibit Chinese from buying land

An apartment complex in Seoul. Korea Times fileBy Lee Kyung-minAn opposition lawmaker is seeking to prohibit land purchases by Chinese citizens, whose presence is increasing rapidly in the real estate market here.Rep. Hong Seok-joon of the main opposition People Power Party said the ban is needed since Koreans cannot buy land in China, yet Chinese investors are raking in profits from property speculation, a key culprit behind the rapid increase of housing prices in Korea. This in his view violates the rule of reciprocity that governs international relations and treaties, whereby favors, benefits or penalties that are granted by one state to the citizens or legal entities of another, should be returned in kind.“Chinese people continue to make hefty investments and net subsequent capital gains in the Korean real estate market, with their market presence soaring at an alarming rate. Measures should be taken to limit the purchases given Korean people are not allowed to do the same in China, and the level will be determined following a review of similar cases overseas,” Hong s

Nov 12, 2020By Lee Kyung-min
Lawmaker seeks to prohibit Chinese from buying land
Economy

Improving working conditions for delivery workers

Minister of Land, Infrastructure and Transport Kim Hyun-mee, left, and Minister of Employment and Labor Lee Jae-kap give a press briefing at the Seoul Government Complex in Gwanghwamun, Thursday, on how they will improve working conditions for delivery workers. Yonhap

Nov 12, 2020By Lee Kyung-min
Improving working conditions for delivery workers
Economy

Virus resurgence deepens job market woes

By Lee Kyung-minKorea lost 421,000 jobs in October due to the COVID-19 pandemic, the sharpest year-on-year drop since April's contraction of 476,000, Statistics Korea data showed Wednesday.The loss extending for the eighth consecutive month is a record-long continuation, tied along with the period in 2009 from January to August in the aftermath of the global financial crisis. The troubling record may be broken given next month's job report is unlikely to see improvements.People of all age groups except those over 60 years old lost jobs, with the pinch being felt sharpest by temporary workers, day laborers and the self-employed in the service, retail and wholesale industries.The virus-triggered loss that began in March will continue in the coming months, given the continued spread of the virus is highly likely to surge in winter, according to Yonsei University economist Sung Tae-yoon.“Those in their 30s and 40s lost their jobs, meaning the age groups that usually retain quality jobs are losing their way of making a living. The backbone of the economy is taking a major hit, and t

Nov 11, 2020By Lee Kyung-min
Virus resurgence deepens job market woes
Economy

Korea, US discuss infrastructure safety

Officials from the land ministry and their U.S. counterparts participate in an online seminar, Nov. 5. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-min Road experts and relevant government officials from Korea and the U.S. held an online seminar, Nov. 5, on improving road infrastructure safety in the face of climate change-induced hazards including landslides, the land ministry said Tuesday.They shared knowledge about Korea's efforts toward digitization of social overhead capital (SOC), a key part of the Korean New Deal. Under the deal, the government plans to spend 160 trillion won ($143 billion) on digital and green initiatives over the next five years, creating 1.9 million jobs in the process and identifying new sources of sustainable growth. The Ministry of Land, Infrastructure and Transport said the seminar was attended by officials from the ministry, the U.S. Federal Highway Administration (FHWA) and the Colorado Department of Transportation.Among topics discussed were ways to better respond to hazards resulting from climate change especially landslide

Nov 10, 2020By Lee Kyung-min
Korea, US discuss infrastructure safety
Economy

NEWS ANALYSIS 'Korea's low carbon initiative still unclear, lacks specifics'

This picture taken on October 26 shows a 2,500 cubic-meter tank containing liquid hydrogen at Kobe Port Island plant in Kobe, Hyogo Prefecture, where a special shipping terminal has been built in order to import liquid hydrogen from Australia. AFP-YonhapBy Lee Kyung-min Korea's vision to go carbon-neutral by 2050 is drawing criticism as the plan lacks specific details and is just a grand announcement, experts said Monday.For Korea, known for its heavy reliance on fossil fuel energy, joining the global wave of green energy is a step in the right direction.Yet unless backed by a specific goal to reduce carbon emissions and scale down investment in and financing of coal-powered projects overseas, the much-touted move will become a hollow pledge, they said.Increasing research and development in related sectors will facilitate the development of new technologies to utilize renewable energy at a cheaper cost and benefit a greater number of people as well as key industries, enabling them to reduce production costs.This will in turn bolster the competitive edge of local export firms, whose s

Nov 9, 2020By Lee Kyung-min
[NEWS ANALYSIS] 'Korea's low carbon initiative still unclear, lacks specifics'
Economy

Unclear, repetitive spending plans on Korean New Deal raises concerns

Deputy Prime Minister and Finance Minister Hong Nam-ki attends a standing committee on budget at the National Assembly in Yeouido, Seoul, Friday. Yonhap By Lee Kyung-min Many state-run projects that had their budgets allocated as part of the Korean New Deal have little to no relevance to the broader policy objectives, fanning concerns that taxpayers' money could be wasted on repetitive work without accountability, an Assembly Committee report said Friday.The Korean New Deal is the key growth initiative of the Moon Jae-in administration, defined by its plans to spend 160 trillion won ($142 billion) over the next five years, a dramatic increase from 76 trillion won announced in June. The government plans to foster digital and green initiatives and strengthen the social safety net, while expecting around 1.9 million jobs will be created in the process by 2025.But according to a report from the National Assembly Special Committee on Budget and Accounts, seven out of 10

Nov 6, 2020By Lee Kyung-min
Unclear, repetitive spending plans on Korean New Deal raises concerns
Economy

Biden victory may create unfavorable business conditions for Korea

Democratic presidential nominee Joe Biden takes his face mask off as he arrives to speak one day after America voted in the presidential election, Nov 4, in Wilmington, Delaware. AFP-YonhapBy Lee Kyung-minFormer Vice President Joe Biden is very close to securing a win over incumbent President Donald Trump, and if he officially takes the Oval Office will push for trade and economic policies with political conditions attached, a state think tank said Thursday, forcing Korea to walk a tightrope between the U.S and China.The government will have to increase its preparedness against politically charged demands from the world's two-largest economies; otherwise, the export-reliant country could see its economy taking a major hit, as evidenced by the fallout experienced in 2017 amid an intensified feud over the deployment of a U.S. Terminal High Altitude Area Defense (THAAD) anti-missile defense system here.The country will be able to become part of a supply chain to be set up by the U.S. in the latter's bid to cut its reliance on China amid the pandemic, a move prompted by the growing risks

Nov 5, 2020By Lee Kyung-min
Biden victory may create unfavorable business conditions for Korea
  • Biden will be better for Korean economy
Economy

Korea needs to walk tightrope between US and China

'US-first' policy to see minimal changeBy Lee Kyung-min The government will have to seek a continued balance between the U.S. and China regardless of who wins the American presidential election, because many of its policies will be crafted in response to the world's two-largest economies struggle for hegemony, experts said Wednesday.Economic ties will become more important given a prompt, near-term resolution of political and diplomatic issues is unlikely among many countries with varying vested interests.The Korean won is likely to strengthen for the time being, driven both by the Chinese yuan gaining strength as the U.S. dollar weakens - a highly concerning scenario for export-oriented Korea, which needs to identify sources for an economic recovery amid the COVID-19 pandemic. New Northern PolicyLocal pundits are paying keen attention as to how much of a change will be in store concerning Korea's “New Northern Policy,” a key initiative of President Moon Jae-in to identify new sources of economic growth overseas and to diversify energy, supply and logistics bases. The po

Nov 4, 2020By Lee Kyung-min
Korea needs to walk tightrope between US and China
Economy

Finance minister offers to resign

Deputy Prime Minister and Finance Minister Hong Nam-ki looks at documents inside the National Assembly building on Yeouido, Seoul, Oct. 3 Yonhap Gov't struggle continues over 'major shareholder'By Lee Kyung-min Deputy Prime Minister and Finance Minister Hong Nam-ki offered to resign Tuesday, in apparent frustration at attempts to hamper the ministry's move to impose a heavier tax on financial investment gains and the owners of multiple homes. President Moon Jae-in refused to accept the resignation.The move was seen as part of rising criticism that Cheong Wa Dae is micromanaging government policies, reducing ministers to “mere briefers” on related policies while dismissing their opinion in the decision-making process.The offer came amid the ministry's weeks-long efforts to seek the middle ground on a revision of taxes on capital gains, and stock and real estate transactions, so as to not completely cave in to political parties playing to their voter bases ahead of by

Nov 3, 2020By Lee Kyung-min
Finance minister offers to resign
Economy

Will FSS be run by state again?

Financial Supervisory Service Governor Yoon Suk-heun center, arrives at Seoul Government Complex in Gwanghwamun, Oct 28. YonhapBy Lee Kyung-min The scandal-ridden Financial Supervisory Service is highly likely to become a state-run organization, a disgrace largely expected due to incompetence associated with a slew of oversights, failures and employee misconduct allegations.The Ministry of Economy and Finance said Tuesday that a necessary process is underway to determine whether the supervisory organization should be among the state-run entities subject to ministry oversight over personnel management and budget. Spending for employee benefits among other discretionary expenditures must then be disclosed for audit.The discussion seeking to revert the organization to its previous status is gaining momentum, a much-needed measure given its overall mismanagement as illustrated by fiascos involving derivative-linked funds (DLFs) that led to many people losing part of or the entirety of their investments.Other damning allegations include that former and current FSS workers were offered bri

Nov 3, 2020By Lee Kyung-min
Will FSS be run by state again?
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