Bahk worried by bashing of big business

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Bahk worried by bashing of big business

Korea’s top economic policy maker expressed concern yesterday that the recent “corporate bashing” by political circles could end up deepening social divides and do further damage to the economy.

The remarks by Finance Minister Bahk Jae-wan come as some lawmakers are pushing to toughen regulations on family-owned conglomerates, or chaebol. They include imposing additional taxes and reviving an equity investment ceiling on large business groups.

They argue that such moves could prevent concentrations of wealth in just a few businesses and help the nation achieve what it calls “shared growth.”

But critics claim that politicians are just trying to win broader support from voters ahead of the April general elections.

“It is worrisome that the corporate bashing headed by the ruling and opposition parties could deepen a divide among citizens. Also, this phenomenon will not help our economy,” Bahk said.

“We are facing a critical moment when it is important to find a more fundamental way of narrowing the income imbalance. In particular, it is necessary to emphasize social responsibility by businesses for the sake of co-prosperity,” he added. Yonhap

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