Lee pledges to ease regulations for competition, efficiency

Lee Jae-myung, the presidential candidate of the ruling Democratic Party of Korea, speaks during a virtual meeting with Korean executives attending the Consumer Electronics Show in Las Vegas, Jan. 6. Yonhap

Ruling party presidential candidate Lee Jae-myung said Thursday he will ease regulations on companies to help promote competition and boost efficiency, as he seeks to woo voters from the corporate sector.

"If regulations limit competition and efficiency, abolishing or easing them is desirable for the whole economy," Lee told a virtual meeting with Korean executives attending the Consumer Electronics Show in Las Vegas.

Lee of the Democratic Party of Korea said the government's role was to create a situation in which corporate executives "can do activities freely."

"Companies and markets basically do economic activities," Lee said, adding the government needs to play a role that companies can't.

Lee has presented a market-friendly platform for South Korea's economy as the COVID-19 pandemic and global disruptions of supply chains weigh on its recovery.

Earlier this week, Lee said he will proceed toward a national income of $50,000 if elected. South Korea's current per capita income is above $30,000.

To overcome the current crisis, the government should make large-scale investments into infrastructure, science and technology, he said.

On the question of real estate, Lee said he will present policies that are in harmony with markets to bring soaring home prices under control.

"With regard to the property issue, the biggest reason for the confusion is confrontation with the market," he said."

"There is no government that beats markets, and it is impossible for markets to go against government policies."

Lee said the government and markets must "respect (each other) and be in harmony" to address the housing issue. (Yonhap)