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Rival parties clash over government's three-year economic plan Updated: 2014-06-20 03:43:10 KST

Rival parties clash over government's three-year economic plan

President Park Geun-hye's top election pledge was achieving "economic democratization," which calls for limiting the power of family-owned conglomerates and creating a level playing field for smaller firms.
But ruling Saenuri Party lawmaker Lee Han-sung asked whether the plan was working.

"Isn't economic democratization only favoring the rich and the conglomerates?"

"One of the government's biggest goals is economic democratization. This policy is not lopsided, but rather fosters support for smaller businesses. The policy has been implemented to improve people's livelihoods."

Opposition party lawmakers were less reserved, calling the plan 'half-baked' and claiming it offers no solutions to the economic problems people are facing.
Ruling party lawmakers also asked Cabinet members to push ahead with deregulation.
They say it's necessary to stimulate the economy and prop up the slumping real estate market.
However, lawmaker Hong Jong-hak of the main opposition New Politics Alliance for Democracy asked about the effect on household debt.

"If we ease restrictions on home loans what would happen to household debt?"

"Easing restrictions won't be a big problem as the government can solve the household debt problem by raising individual incomes, allowing the debtor to repay their debts."

The restrictions were put into place when household debt was rising at alarming levels.

"Amid differing views, lawmakers however, did find some common ground on the need to put measures in place, that would restrict retired government officials from gaining employment in the industry they used to regulate.
They say such practices contribute to collusive ties between the private and public sectors.
Ji Myung-kil, Arirang News."
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