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Finance minister-nominee Choi Kyung-hwan highlights deregulation Updated: 2014-06-17 06:29:42 KST

Finance minister-nominee Choi Kyung-hwan highlights deregulation

Finance minister-nominee Choi Kyung-hwan says one of his top priorities, if confirmed, will be to ease financial regulations.
It's a pledge that falls right into the Park Geun-hye administration's drive toward deregulation in the financial sector and housing market.
Choi compared the current situation in the housing market to the middle of winter, when people lack vitality and their activities dwindle to a minimum.
The nominee says current regulations are not helping.
Choi said they don't address the primary problems, and that they were imposed years back when the market was flourishing.
If approved by the National Assembly, Choi is expected to make a push to break down some of the barriers for home buyers, including those that put a limit on the amount of loans people can borrow from lenders depending on their financial conditions.

"In order to ease the burden for home buyers, I will ease loan-to-value and debt-to-income rules that are currently putting the brakes on the housing market."

Choi Kyung-hwan says the government's main focus should be on reviving the Korean economy and promoting the happiness of the people.
He has so far refrained from commenting on the strengthening local currency, calling it a sensitive issue that must be dealt with more scrutiny.
Kim Ji-yeon, Arirang News.
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