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Moon urges efforts to boost economy, remove excessive regulations

All News 15:25 August 06, 2018

SEOUL, Aug. 6 (Yonhap) -- President Moon Jae-in called for stepped-up efforts Monday to further remove unnecessary government regulations, stressing the need to quickly revitalize the economy amid growing public concern about a slowdown.

"We must at least be able to give hope to the people that our economy will recover. I ask all economic teams of our government to further step up efforts as to remove any concerns over an economic slump and revitalize our economy," the president said in a weekly meeting with top presidential aides held at his office Cheong Wa Dae.

The president's call comes after the central bank, the Bank of Korea, revised down its 2018 growth forecast for Asia's fourth-largest economy to 2.9 percent from the previous 3 percent.

Moon stressed the need to further remove any unnecessary or excessive government regulations that may hamper private investment.

"(Increasing) economic vigor is a way to increase the vigor in the people's lives. In particular, we may ensure economic vigor when business activities increase, leading to a rise in the income and income capacity of the people," the president told the meeting, according to Cheong Wa Dae pool reports.

"I once again stress the need to first boldly reform regulations to help create new jobs and new industries," he added.

The president also ordered the government to boldly expand its spending on new infrastructure projects that are closely related to public welfare and new jobs.

Such projects, he said, may help realize three government objectives of creating new jobs, improving the livelihoods of the people and promoting the balanced development of the nation.

To improve people's livelihoods, the president also made a special order to temporary lower electricity rates for households.

Local households are subject to incremental electricity rates, which have been blamed for high electricity bills, which in turn have been blamed for preventing low-income households from turning on air conditioning despite record high temperatures.

The president ordered the government to ease the incremental rate system at least for July and August, noting the country continues to maintain a safe level of reserves.

"In addition to adding heat waves to the list of natural disasters, I ask the government to make sure that the people will not be discouraged from using their air conditioners due to concerns over bills," he said.


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