Jin: Market Will Rule Some Day

Deputy Prime Minister Jin Nyum told the Institute of International Finance on Friday that Korea will gradually deregulate the financial sector to increase competition.

"The measures are intended to strengthen financial firms by actively attracting foreign capital," Mr. Jin said in the keynote address for the institute's annual meeting, which was held in Hong Kong.

Before the speech, Mr. Jin assured international investors that the recent agreement made between the government and business to ease antitrust restrictions does not mean that Seoul's determination for reform has weakened. "The decisions were made to deregulate the environment for exports and new investments," he said.