New Government's Economic Policy Directions
New Government's Economic Policy Directions

New Government's Economic Policy Directions

  • 01
    New Government's Economic Policy Directions, Overcome Low Growth and Create a Virtuous Cycle of Growth and Welfare
  • 02
    The Dynamic Economy the puts the private sector at the core

    The Dynamic Economy the puts the private sector at the core

    Regulatory Reforms”¤Boosting Business Vitality

    • Build strong and systematic governance for regulatory innovation
    • Prevent excessive regulation and introduce innovative deregulation meadures
    • Overhaul lingering problematic regulations

    Expand corporate investment and create jobs

    • Relax tax burden such as corporate tax
    • Facilitate business succession to promate technology and capital transfers between generations
    • Strengthen tax and financial incentives for corporate investment and job creation
  • 03
    The Dynamic Economy the puts the private sector at the core

    The Dynamic Economy the puts the private sector at the core

    Foster SMEs and venture business

    • Promate self-reliance, competitiveness and attaining innovative growth
    • Support for entry into new industries
    • Create private-led and innovation-oriented dynamic venture ecosystem
      • Promate innovative start-up
      • Promate scale-up
      • Aid for restarting business

    Establish a fair market order

    • Penalize unfair practices and deregulate restrictive measures
    • Facilitate fair trade practices in subcontracting and platform economies
  • 04
    The economy the pushes toward economic leaps by addressing structural problems

    The economy the pushes toward economic leaps by addressing structural problems

    Public”¤Pension reforms

    • Financial innovation to ensure fiscal soundness
    • Revamp public institution to provide high-quality public service
    • Pension reform for income security and sustainability

    Labor market reforms

    • Improve the working hours system reasonably
    • Upgrade the wage system to a performance-based system
  • 05
    The economy the pushes toward economic leaps by addressing structural problems

    The economy the pushes toward economic leaps by addressing structural problems

    Educational reforms

    • Reflect on-site demand
    • Foster future innovative talents

    Financial innovation

    • Promote innovation in digital finance
    • Give a boost to the capital market
    • Advance the foreign exchange market

    Reforms in the service industry

    • Refine regulations and foster promising service sectors
    • Expand support for the service industry
  • 06
    The leading economy that prepares for the future

    The leading economy that prepares for the future

    Technology and R&D Innovation

    • Establish science and technology”¤R&D policies focused on developing new industries
    • Help develop new technologies through the commercialization and international standardization

    Foster high-tech strategic industries

    • Support develop unrivaled high-tech industries such as semiconductors
    • Foster promising new industries such ad al
    • Strengthen the sompetitiveness of nuclear power plants
  • 07
    The leading economy that prepares for the future

    The leading economy that prepares for the future

    Respond to demographic changes

    • Prepare a government-wide and public-private joint scheme to deal with major demographic challenges
    • Increase the economically active population, and reinforce efforts to boost birth rates

    Respond to the carbon neutrality and climate crisis

    • Reexamine of greenhouse gas reduction implementation measures such as emissions trading
    • Provide incentives for carbon neutrality investment and low-carbon consumption
    • Strengthen support by creating a circular economy and the ESG ecosystem
  • 08
    The inclusive economy that leaves no one behind

    The inclusive economy that leaves no one behind

    Enhance social safety nets

    • Enhance social safety nets through support for vulnerable groups
    • Expand tailored support to the marginalized such ad the elderly, disabled, and single-parent families
    • Enhance housing welfare by alleviating housing costs and providing housing subsidies to vulnerable groups

    Encourage employment and provide job opportunities

    • Provide more incentives to low-income workers and job seekers
    • Expand tailored employment services
    • Expand employment, housing, education and asset-building support for young people
  • 09
    The inclusive economy that leaves no one behind

    The inclusive economy that leaves no one behind

    Upgrade welfare systems

    • Provide tailored social services and resolve welfare blind spots
    • Provide high-quality services by innovating private sector-led social services
    • Improve systems that deliver services in the employment, education and nursing sectors

    Achieve regionally-balanced developments

    • Improve local competitiveness by creating economic blocs by region and fostering small strong cities
    • Pursue self-reliant and balanced local developments through tax and financial support
    • Expand support for local towns that face extinction due to depopulation
  • 10
    Respond to current issues

    Respond to current issues

    Stabilize people's livelihood

    • Stabilize pricess and reduce financial burdens on people
      • Reduce the burden of living cost by lowering the price of essential commodities
      • Reduce burdens on small businesses owner and the self-employed
      • Take preemptive measures on unstable supply and demand items
    • Stabilize the housing market

    Respond to a crisis

    • Respond to economic security
      • Establish a crisis warning system
      • Obtain overseas resources
      • Establish a crisis warning system
    • Improve risk management capabilities
      • Devise arisk management system
      • Minimize impact of macroeconomic matket