President Lee: “A stock exchange is a department store—if it’s full of rotten goods, who would go?”
Summary
- President Lee Jae-myung likened the domestic stock market to a department store, underscoring his determination to weed out insolvent companies and crack down sternly on unfair trading.
- President Lee said, “The urgent task is to first ensure the merchandise is sorted out and quickly introduce good new products to restore customer trust.”
- Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said, “We will enhance investor trust by swiftly forcing out insolvent companies,” to strengthen the competitiveness of the KOSDAQ market.
President Lee Jae-myung likened the domestic stock market to a department store, underscoring his determination to weed out insolvent companies and crack down sternly on unfair trading.
In a post on his official social networking service (SNS) account on the 29th, Lee wrote, “A stock exchange is a kind of department store, but if there are many rotten goods and counterfeit goods with no value, who would go?” adding, “The urgent task is to first ensure the merchandise is sorted out and quickly introduce good new products to restore customer trust.”
He also added, “Pickpockets must be thoroughly cracked down on as well.” The remark is being interpreted as signaling a hard line against market-disrupting acts such as stock price manipulation by likening them to “pickpocketing.”
He also shared an article reporting on the expanded joint interagency macroeconomic and financial meeting. Earlier, at the meeting, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said, “We will enhance investor trust by swiftly forcing out insolvent companies,” to strengthen the competitiveness of the KOSDAQ market.
Kim So-yeon, Hankyung.com reporter sue123@hankyung.com
Korea Economic Daily
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