South Korea's ruling party chair says income-led growth strategies will change economic paradigm
Arirang News
2018-09-05
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As the National Assembly's 100-day regular session begins, the leaders of South Korea's three main political parties will be taking turns addressing lawmakers.
First to step up to the podium on Tuesday was the new chairman of the ruling party.
Kim Min-ji reports.
Achieving gross national income of over 40-thousand U.S. dollars per capita... through inclusive growth.
Lee Hae-chan -- the chair of the ruling Democratic Party of Korea -- said the country needs new tailored strategies for that goal -- vowing to support the government's drive for growth led by rising incomes and innovation.
"The Moon Jae-in administration's inclusive growth model, based on rising incomes, innovation and a fairer economy -- will be a new paradigm for the country and will open the era of 40-thousand dollars GNI per capita."
Lee also highlighted the need for next year's record budget of 420 billion dollars -- in order to better the quality of people's lives,... boost job growth,... improve income distribution and expand the social safety net.
His comments come amid fierce criticism from the opposition bloc -- who claim the government's policies are hurting job growth and burdening low-income households.
The ruling party chair, however, called for understanding that in periods of transition, there are hard times,... and that those must be overcome through social understanding and cooperation.
He went on to say that sustainable growth in the country will be achieved by the government's inclusive growth model,... coupled with a peace economy on the peninsula through improved relations with North Korea.
Along the same lines, the ruling party chair brought up the need to ratify the joint summit declaration reached by the leaders of the two Koreas in April.
"We will do our best to get the understanding of the opposition and the people, to carry out inter-Korean economic cooperation, and to push for North Korea's denuclearization. The ratification of the Panmunjom Declaration can ensure that North Korea does not change its behavior, and it can strengthen our negotiation position."
Lee also urged all parties to work together,... suggesting regular talks between their leaders.
He said he's willing to talk at any time and be flexible if it's for the good of the people.
Kim Min-ji, Arirang News.
First to step up to the podium on Tuesday was the new chairman of the ruling party.
Kim Min-ji reports.
Achieving gross national income of over 40-thousand U.S. dollars per capita... through inclusive growth.
Lee Hae-chan -- the chair of the ruling Democratic Party of Korea -- said the country needs new tailored strategies for that goal -- vowing to support the government's drive for growth led by rising incomes and innovation.
"The Moon Jae-in administration's inclusive growth model, based on rising incomes, innovation and a fairer economy -- will be a new paradigm for the country and will open the era of 40-thousand dollars GNI per capita."
Lee also highlighted the need for next year's record budget of 420 billion dollars -- in order to better the quality of people's lives,... boost job growth,... improve income distribution and expand the social safety net.
His comments come amid fierce criticism from the opposition bloc -- who claim the government's policies are hurting job growth and burdening low-income households.
The ruling party chair, however, called for understanding that in periods of transition, there are hard times,... and that those must be overcome through social understanding and cooperation.
He went on to say that sustainable growth in the country will be achieved by the government's inclusive growth model,... coupled with a peace economy on the peninsula through improved relations with North Korea.
Along the same lines, the ruling party chair brought up the need to ratify the joint summit declaration reached by the leaders of the two Koreas in April.
"We will do our best to get the understanding of the opposition and the people, to carry out inter-Korean economic cooperation, and to push for North Korea's denuclearization. The ratification of the Panmunjom Declaration can ensure that North Korea does not change its behavior, and it can strengthen our negotiation position."
Lee also urged all parties to work together,... suggesting regular talks between their leaders.
He said he's willing to talk at any time and be flexible if it's for the good of the people.
Kim Min-ji, Arirang News.
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