President Lee Jae-myung met with executives of securities firms on the 18th and said, "We should make it so that the saying 'It's smarter to return to the 'Korean stock market (domestic market)' quickly' takes hold," pledging to boost the domestic stock market. It comes a week after the new government scrapped its first tax overhaul effort to expand the scope of the stock capital gains tax, citing the goal of achieving 'KOSPI 5000' within the term.
On this day, the president invited 16 heads of research centers at securities firms to the Yongsan presidential office for a luncheon meeting. At the event, he said, "Didn't someone say of our stock market that 'escaping the Korean stock market is the smarter move'?" He then added, "Please help a lot." He also said, "As I actually get down to work holding the baton of state affairs and the economy, I increasingly think normalizing the capital market, including the securities market, is important."
For tasks to boost the domestic stock market, the president cited ▲ a predictable market environment ▲ improvement of unreasonable decision-making structures ▲ presentation of rational economic and industrial policies ▲ stabilization of the situation around the Korean Peninsula.
The president said, "We are making considerable progress in eliminating stock price manipulation and unfair disclosures," adding, "The rationality of decision-making is being realized through amendments to the Commercial Act, and with just a few additional measures, it seems we will have completed fixing structural irrationalities."
He went on, "A lot of money has been created in Korea, but there is an aspect of it being concentrated in real estate investment and speculation, which seems to make the national economy very unstable," adding, "We are focusing efforts on changing the financial market so that financial policy can open the sluice toward productive sectors." He also said, "There may not be immediate results, but the direction is clear. It will be quite helpful in normalizing the capital market," and, "The idea that revitalizing the stock market is necessary as an effective investment vehicle for the public remains unchanged. It is a relief that there seem to be some slight results."
The meeting was attended by 16 figures from the investment industry, including Choi Young-gwon, head of the Korea Analysts Association; Park Hee-chan, managing director at Mirae Asset Securities; Yoo Jong-woo, managing director at Korea Investment & Securities; Cho Su-hong, managing director at NH Investment & Securities; Kim Dong-won, managing director at KB Securities; and Yoon Seok-mo, managing director at Samsung Securities. Earlier, in April this year, when he was a candidate in the presidential primary, the president also met them and delivered a message on revitalizing the stock market. The president said, "When I was a candidate, I said that just changing the government would push the stock index past 3,000, and I am relieved that it actually turned out that way."