S. Korea's 2017 Economic Strategy Explained in 13 Bullet Points...
SEJONG, Dec. 29 (Yonhap) -- The following are key economic policy measures planned for next year aimed at propping up growth in Asia's fourth-largest economy. The South Korean government slashed its 2017 growth forecast to 2.6 percent from 3 percent, citing a slowdown in domestic demand and rising uncertainties at home and abroad.'
1. Implementing expansionary fiscal policy to invigorate the economy struggling with a protracted slowdown and corporate restructuring.
2. Spend an additional 20 trillion won (US$16.6 billion), including 8 trillion won in corporate loans from state-run policy lenders, to maintain expansionary fiscal mode.
3. Implement an excise tax cut of 70 percent on replacing old diesel cars with new ones.
4. Build more cruise docks at the country's maritime gateways to reach the target of 2 million cruise tourists.
5. Issue electronic visas to group tourists from Southeast Asian countries.'
6. Speeding up structural reform and facilitating job creation
7. Carry out corporate restructuring plan focusing on downsizing local shipbuilding, shipping, steelmaking and petrochemical industries.
8. Raise minimum wage by 7.3 percent on-year to 6,470 won per hour.
9. Encourage the public sector to employ 60,000 more workers.'
10. Keeping potential financial risks under close guard
11. Expand toughened screening of borrowing qualifications for all types of mortgage loans.
12. Push all local lenders to increase percentage of fixed-rate, amortizing loans.
13. Take swift, tailored action against a speculative boom in the real estate market.