Lee: “Supply to normalize after 2028” ... Stock market governance “must keep being corrected”

[Financial News] President Lee Jae-myung projected on the 19th that “housing supply will start to normalize properly sometime after 2028.” Regarding the stock market’s undervaluation, he stressed that corporate governance issues must continue to be corrected.
Meeting with reporters at Chunchugwan at the Blue House that day, President Lee said, “It takes about three years for housing supply to come through—two years at the shortest and four at the longest.” He added, “We took office and are trying to ramp it up starting this year, but there is a three-to-four-year gap,” and said, “We have to take this into account.”
He said it was true that the stock market was “very undervalued,” and assessed that distrust of the market and of corporate governance and management remained. He cited “a culture of respecting shareholders and the abuse of control over corporate management” as outstanding challenges, adding, “We have to keep correcting these issues.”
He said, “We are continuing to check what policy measures need to be taken to normalize the stock market,” adding, “I’ll receive a comprehensive report soon and take the necessary steps.” However, he said direct government intervention in the financial and securities markets “is not desirable either.”
On applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said, “We’ll put off doing it at the end of this year for a while,” stating that he would consult with the agricultural sector. He said he would meet with farmers’ groups in a few days, present alternatives at the government level and work through the issues. He added, “We plan to proceed after preparing alternatives as fully as possible,” and said, “Let’s minimize distrust, anxiety and losses.”
Meanwhile, President Lee presented an appointment certificate that day to Kim Ji-yong, head of the Serious Crimes Investigation Agency, and urged him, “Don’t take sides; handle matters that raise public questions in accordance with principle.” He also stressed that the public must recognize the agency’s reason for existing.
[email protected] Seong Seok-woo Reporter