SEOUL, Oct. 31 (Xinhua) -- Chief policy secretary for South Korean President Moon Jae-in on Tuesday vowed growth with a righteous economy that would be achieved by income-based growth, innovative growth and fair economy.
The Moon Jae-in government aimed to create a righteous economy, in which household income grows in proportion to the growth of the national economy and people share the growth fruits together, Jang Ha-sung, chief of Staff for Policy to President Moon, told a press conference with foreign correspondents.
Jang said the administration aimed at an economy, where its focus is placed on people and households, as an aim-lost growth of the national economy lasted long with no expansion of household income and only widened disparity between the high- and low-income bracket and between the large and small corporations.
The Moon government was born through the candlelit rallies that continued on the streets for about six months to demand the impeachment of former President Park Geun-hye who was ousted out of office in March.
The Moon administration has always kept in mind a grave responsibility for meeting people's expectations as it was created by the candlelit rallies, said Jang, a former finance professor in Seoul whose shareholder activism contributed much to improving corporate governance of South Korean family-controlled conglomerates, called chaebol here.
To achieve the goal of creating a righteous economy, Jang said the government will push for three key tasks: growth led by job creation and household income, growth led by innovative industries and fair market in which any unfair business practices are punished severely.
Jang said the top priority of policy will be placed on creating decent jobs as an earned income is the very base of all household income.
More private consumption will bring higher corporate earnings and fast growth of the national economy. To create such virtuous cycle of the economy, President Moon gave his first order to launch a presidential committee on jobs just on the day he was sworn in on May 10.
Job creation is not a task that could be performed solely by the public sector. It needs help from the private sector, but it will not be sustainable for the government to force private companies to create jobs, especially decent ones.
The Moon government selected innovative growth as one of its main policy agenda to foster innovative industries such as renewable energy, smart city, driverless car and drone that can produce sustainable jobs in the future.
The top presidential policy advisor said the government will encourage excellent minds to set up venture companies by creating an ecosystem, in which start-up companies do business without regulations for a certain period of time, mid-sized companies can develop into large ones conveniently, and even failed businessmen can resume business.
The government will create a fair market, where emerging startups of great technology and innovation can compete with bigger rivals fairly.
Jang promised to root out all of unfair business practices such as big companies forcing subcontractors to sign an unfair deal and technologies developed by start-ups but forfeited by bigger ones, saying that such practices will be located and be severely punished.
