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S. Korea’s Park: Ties with China, US equally important

(People's Daily Online)

08:04, December 25, 2012

The presidential election of South Korea finally came to an end on the evening of Dec. 19. Presidential candidate of the ruling Saenuri Parity Park Geun-hye defeated Moon Jae-in of the Democratic United Party, the largest opposition party out of power, and became South Korea's 18th president and also the first female president in the history of South Korea.

The 61-year-old Park is the daughter of former South Korean President Park Chung-hee and her election to the presidency creates a precedent in the political arena of South Korea that the daughter of a former president is also elected president. What new looks will the first female president bring to South Korea's domestic and foreign affairs? What impacts will her diplomatic policy have on the Korean Peninsula and regional situation?

Solution of boosting domestic economy and narrowing polarization between the rich and the poor

Park is known as "Ice Princess" in South Korean political arena and has long been a bright star in the minds of many people. As Park was regarded as an iconic figure of the conservatives, the competition between Park and Moon was also called "a contest of the conservatives and liberals."

On livelihood issues, Park said that the "National Happiness Fund" of up to 18 trillion won (about 105 billion yuan) will be set up to adjust the debt structure in a way of long-term and staged repayments . The short-term financial measures will be implemented on the ordinary citizens bearing the burden of high interest debt.

As for the problem of economic democracy, Park said that she will curb the big enterprises' abuses of their dominant position in the market and crack down on the irregularities in use of their economic strength and their behaviors of injustice, so that small and medium-size enterprises can better survive.

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