President Lee Jae-myung asked the ruling party to swiftly pass the third Commercial Act.
Rep. Oh Ki-hyeong, who chairs the Democratic Party of Korea's KOSPI 5000 special committee, held a press conference at the National Assembly press room on the afternoon of the 22nd and outlined the contents of a lunch between the president and members of the Democratic Party of Korea's KOSPI 5000 special committee.
Oh said, "There was a dad-joke about the committee getting together for lunch on the day the KOSPI hits 5,000," adding, "Breaking through KOSPI 5,000 was President Lee Jae-myung's campaign pledge, and there was an assessment that achieving that pledge is highly meaningful."
Oh said, "The party and the presidential office agreed to continue institutional reforms to strengthen the capital market's fundamentals," adding, "The third Commercial Act revision has been delayed due to internal circumstances at the National Assembly, and there was consensus that it should not be delayed any longer. In that sense, we are trying to persuade the party, the floor leadership, and members of the Legislation and Judiciary Committee as much as possible."
He went on, "A proposal to prevent 'stock price suppression' led by Reps. Lee So-young and Kim Young-hwan has been put forward, and we agreed with it and decided to push ahead. This is because listed companies are subject to inheritance and gift tax based on market price, drawing criticism over whether suppressing stock prices for tax-saving purposes is appropriate," adding, "There was also an opinion that stricter standards are needed regarding duplicate listings, and we reached a consensus to actively review the issue."
He emphasized, "In the process of advancing the capital market, institutional improvements to resolve the Korea discount must continue," adding, "Institutional reforms must continue going forward, even for measures aimed at ushering in a Korea premium era."