Cabinet, Ruling Party to Set Up Team to Finalize Restructuring

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Cabinet, Ruling Party to Set Up Team to Finalize Restructuring

The government will form a special team that will be charged with finalizing the second-phase financial and corporate restructuring, government officials said Tuesday.

It will also seek to reduce an array of taxes and costs in a bid to boost sagging regional economies.

The cabinet and the ruling party discussed those measures Tuesday in a meeting presided over by President Kim Dae-jung. The meeting was called to review progress in the government-driven reform projects, the officials said.

The team will devise measures to stabilize financial markets and coordinate relations between companies and their creditor banks, while also reviewing legal matters arising from liquidating insolvent businesses and dealing with labor issues.

In addition, the government will consider constructing apartments that would be leased to tenants in larger cities to reduce the urban housing shortage. The government will also try to relocate government agencies to areas outside Seoul and Kyonggi Province which show strong signs of private growth and development.



by Song Sang-hoon

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