Government and Party to Promote AI Transformation... 'Corporate Vitality' and Excessive Economic Penalties to be Revised

[Financial News] The government and party have established four major policy directions for the new government's economic growth strategy. In particular, they plan to open public data for AI development and address excessive economic penalties and regulations that do not meet global standards. 
The Democratic Party and the government held a 'New Government Economic Growth Strategy Government-Party Consultation' at the National Assembly in Yeouido, Seoul on the 20th and presented four major policy directions for the economic growth strategy of the Lee Jae-myung government.
Han Jeong-ae, Chairman of the Democratic Party's Policy Committee, stated, "The government and the party recognized the severe situation where Korea's potential growth rate is rapidly declining," and "the party requested the government to prepare specific growth strategies." 
In response, the government decided to prepare an economic growth strategy under four major policy directions: △Technology-led growth △Growth for all △Fair growth △Strengthening the foundation for sustainable growth.  
The government and party plan to promote AI transformation for technology-led growth and actively open public data for this purpose. They also promised legislative support if necessary. Additionally, they plan to support advanced new industries with a package of finance, taxation, manpower, etc. 
In terms of strengthening the foundation for sustainable growth, they plan to establish a task force (TF) to rationalize outdated regulations and excessive economic penalties that fall behind global standards. They also plan to expand the application of the stewardship code (fiduciary responsibility principle) to improve corporate governance and promote productive finance. 
Growth for all focuses on balanced regional growth and revitalizing the people's economy. Chairman Han stated, "To achieve balanced regional growth, we will activate regional tourism through the 'K-Regional Tourism Total Package'." Additionally, they plan to increase the scale of the special account for balanced regional development to over 10 trillion won and convert regional project subsidies into comprehensive subsidies to induce autonomous investment that suits regional conditions.
Chairman Han said, "To enhance the vitality of the people's economy, we ordered the government to actively review increasing support for small business owners, such as raising the contribution limit of the Yellow Umbrella Mutual Aid, and expanding '1,000 won breakfast' to reduce living expenses for vulnerable groups."  
Regarding the direction of fair growth, Chairman Han said, "We requested the government to quickly expand the scope of application of the Industrial Safety and Health Act to eradicate industrial accidents and resolve unfair trade by expanding the delivery price linkage system, and the government decided to pursue this promptly."  
The detailed content of the economic growth strategy based on these four major policy directions is expected to be reported to President Lee Jae-myung and officially promoted as early as this week after additional supplementation.
Kim Byung-ki, floor leader of the Democratic Party, said, "All economic entities must collaborate and integrate. The Democratic Party and the government will firmly support the entire process with legislation and budget," and "We will make the dream of being one of the top three AI nations, a potential growth rate of 3%, and being one of the world's top five powers a reality."
gowell@fnnews.com Kim Hyung-gu Reporter