Kim Byung-hwan: "Finance is the bulwark against crises... 'Market Stability' is the top policy priority"

New Year's Address by Financial Services Commission Chairman Kim Byung-hwan

Chairman Kim Byung-hwan of the Financial Services Commission stated that "the role of finance is to respond to uncertainty and minimize its impact," emphasizing that the top policy priority is 'stability' in the market and that he will strengthen financial support for vulnerable groups.

In his New Year's address on the 1st, Chairman Kim noted, "After the inauguration of the new U.S. administration, it is difficult to predict geopolitical and geo-economic global impacts, and domestically, economic downside risks are increasing amid political uncertainty," adding, "As we greet the New Year, our economy is facing higher uncertainty than ever before."

He said, "It is time to gather the wisdom and capabilities of all of us to overcome the current difficulties," and described finance as "both a sensor that detects crises and a bulwark that overcomes them."

He continued, "Finance has the role of managing risks in response to uncertainty and reducing their impact," adding, "As long as finance, the heart and bloodstream of our economy, functions properly, we can overcome any risk or crisis."

Chairman Kim emphasized, "We will make every effort to stabilize the market and support corporate funding, expand policy finance for the common people, alleviate financial burdens for small business owners in the banking sector, enhance the capital market, and consistently pursue financial policies related to digital infrastructure legislation."

He mentioned the phrase 'Bonrip Doseong' (本立道生), which means that when the basics are set right, the path opens. He added, "The most certain way to overcome difficulties in an era of uncertainty is for each person to play their role in their position," and expressed his belief that "if the government takes the lead and the people join forces, this year will be recorded as a year when our economy and finance overcame another crisis."

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com