S.Korean President-elect Outlines Key Economic Policies

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Last updated at: (Beijing Time) Friday, December 20, 2002

S.Korean President-elect Outlines Key Economic Policies

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South Korean President-elect Roh Moo-hyun said Friday that his administration will commit itself to bettering the ordinary people's livelihood, raising corporate transparency, improving labor-management harmony and creating new jobs.

Roh made the remarks at a post-election press conference, during which he outlined plans to manage the state. Roh, candidate of the pro-government Millennium Democratic Party (MDP),won Thursday's presidential election.

While calling for more labor flexibility via compromise especially at work sites where unions are tough, the president-elect said the current situation, in which temporary workers account for 56 percent of the total workforce, should be improved.

However, Roh said he will carry out his economic polices through consultations with economic specialists while sticking to the keynote of the incumbent government's economic polices.

The president-elect also made clear that efforts are to be madeto improve ordinary people's economic situation which is plagued by the soaring real estate prices and household debts and the slumping economy. He also said he will work to narrow the wide gapbetween the rich and the poor.

Although he did not elaborate on measures to this end, the president-elect is expected to slash income taxes of salary workers and extend the cuts in value-added taxes on taxi fares.

On top of that, a tax system to prevent unfair inheritances andgifts will be established and an organization to keep track of theexact incomes of individual business people is expected to be set up to levy taxes.

He also pledged efforts to handle such issues as reforming chaebol, or family-controlled conglomerates, and strengthening corporate competitiveness separately so as to disperse foreign investors' concerns.

"Chaebol is chaebol, and large company is large company. Chaebol reform is to renovate systems that reduces economic efficiency and put burdens on the economy," he said.

During his election campaign, Roh said he would, if elected, push for chaebol reform, raise labor flexibility and create 500,000 jobs over the next five years.

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