China News Service, June 16th. According to comprehensive Korean media reports, on the 16th, South Korea held a press conference on the direction of the new government's economic policy.
South Korean President Yoon Seok-hye said that the South Korean economy is currently facing a comprehensive crisis and will overcome the crisis by improving the quality of the economy led by the private sector and the market.
The report pointed out that Yin Xiyue said that the current domestic and foreign environment facing the Korean economy is very severe.
The economic downturn and the stagflation risk of rising prices are rising, and both the economy and the market are shaken.
Data map: South Korean President Yoon Seok-yue.
Yin Xiyue said that problems such as low growth and the polarization between the rich and the poor should be solved by overcoming the crisis of people's livelihood and achieving leap-forward economic development.
The solution creates jobs for the private sector.
He also said that he will resolutely improve the systems and regulations that undermine the competitiveness of enterprises.
On the other hand, according to the Korea Radio International, as of the end of April 2022, South Korea’s national debt exceeded 1,000 trillion won for the first time in its history, and the actual fiscal deficit was close to 40 trillion won.
In addition, regarding the U.S. Federal Reserve’s announcement that it would raise the target range of the federal funds rate by 75 basis points, South Korean Deputy Prime Minister Chu Kyung-ho said that the U.S. decision to raise interest rates has exacerbated concerns about a downturn in the economy, and volatility in international financial markets is likely to If it expands, the South Korean government and central bank will strengthen vigilance and respond.
Qiu Qinghao also emphasized that price stability is the top priority, and will uphold this consensus, adopt a monetary policy that focuses more on price management, and strengthen multi-faceted responses.