DP chief meets with banks as party shifts focus to economy
Published: 20 Jan. 2025, 18:54
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- SHIN HA-NEE
- [email protected]
![Democratic Party leader Lee Jae-myung speaks during a meeting with chief executives of Korea's major banks at the Federation of Banks headquarters in central Seoul on Jan. 20. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2025/01/20/f47ef003-5895-471d-81a5-79e9d2cf981f.jpg)
Democratic Party leader Lee Jae-myung speaks during a meeting with chief executives of Korea's major banks at the Federation of Banks headquarters in central Seoul on Jan. 20. [JOINT PRESS CORPS]
Democratic Party (DP) leader Lee Jae-myung met with the chief executives of Korea’s six major banks on Monday as the party moves to bolster its focus on economic issues amid ongoing political chaos surrounding President Yoon Suk Yeol’s impeachment and historic arrest.
“The Korean economy is in a very precarious and dire position due to [the change in] the global economic environment as well as the unique domestic situation,” said Lee in his remarks during the meeting on Monday afternoon.
“I am well aware of efforts that banks and financial institutions are making to support struggling small businesses and self-employed individuals,” said Lee, adding, “I ask you to seek many solutions in this difficult time.”
The Monday meeting was attended by Korea Federation of Banks Chairman Cho Yong-byoung and chief executives from six major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH NongHyup Bank and the Industrial Bank of Korea — along with DP lawmakers.
![Democratic Party (DP) leader Lee Jae-myung, center in the front row, poses for a photo with representatives from Korea's major banks and DP lawmakers at the Federation of Banks headquarters in central Seoul on Jan. 20. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2025/01/20/e667f7b2-b6ec-4c28-a880-c1a3c00c5904.jpg)
Democratic Party (DP) leader Lee Jae-myung, center in the front row, poses for a photo with representatives from Korea's major banks and DP lawmakers at the Federation of Banks headquarters in central Seoul on Jan. 20. [JOINT PRESS CORPS]
Lee stressed, however, that the meeting was not any sort of political ploy, addressing criticisms that his meeting with bankers to discuss economic issues as the DP leader could be overstepping his authority as a lawmaker.
Speculation abounded that Lee might pressure banks to further lower lending rates to alleviate the interest burden on households.
“This [meeting] is not intended to pressure [banks] to gain something or coerce them to do anything at all,” said Lee.
“I am here to listen to the needs of financial institutions and about what support politicians would be able to provide in such activities.”
The DP, as well as Lee, has been putting a bigger emphasis on the economy and livelihoods as of late, a rhetorical shift from its previous focus on the political conflicts surrounding Yoon’s impeachment proceedings.
“With the political unrest affecting the economy, the foundation of Koreans’ everyday life has been faltering,” Lee said during a senior-member gathering of DP lawmakers earlier that day.
“We will actively take part in bipartisan efforts to restore the economy,” Lee stressed.
The DP has been calling for the government to draft a supplementary budget to boost sluggish domestic demand.
DP lawmakers from the Strategy and Finance Committee of the National Assembly held a news conference that day, urging the government to implement an expansionary fiscal policy with a supplementary budget worth over 30 trillion won ($20.7 billion).
“The swift completion of the impeachment proceedings will be the first step for the economic recovery, and it is essential to restore the potential growth rate and improve livelihoods with the prompt passage of a supplementary budget,” said the DP lawmakers.
BY SHIN HA-NEE [[email protected]]
with the Korea JoongAng Daily
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