The 2017 New Year Meeting for chiefs of Financial Associations took place on Jan. 3 at Hotel Lotte in downtown Seoul, where heads of six financial associations took part.
Among some 1,000 key executives and other officials from leading financial associations and financial firms in the country were Chairman Yoon Jong-kyoo of KB Financial Group; Chairman Kim Yong-hwan of NH Financial Group; Chairman Kim Jung-tae of Hana Financial Group; Chairman Lee Dong-geol of KDB Financial Group; Chairman Lee Duk-hoon of the Export and Import Bank of Korea; President Kim Don-jin of the Industrial Bank of Korea; President Gwak Bum-gook of Korea Deposit Insurance Corp.; President Moon Chang-yong of Korea Asset Management Corp.; Chairman Hwang Young-key of Korea Financial Investment Association; Chairman Chung Chan-woo of KRX; President Yoon Yong-won of KB Kookmin Card; President Wi Sung-ho of Shinhan Card; Chairman Park Hyeon-joo of Mirae Asset Daewoo Securities; and President Kim Won-kyu of NH Investment & Securities.
Deputy Prime Minister and Minister of Strategy and Planning Yoo Il-ho remarked that the new year is one where uncertainty is a certainty, especially with U.S. President Donald Trump expanding protectionism in international trade; the sluggish domestic economy brought on by contractions in consumption and construction projects; and corporate restructuring and the economic downturn, making jobless problems worse.
The DPM advised that measures to cope with risk factors associated with uncertainty in the economy should be prepared quickly, supplying enough funds to get over the tough times for SMEs as fast as possible, and expanding the corporate culture centered on performance results, taking deep roots in the corporate community.
He said cooperative relations between the treasury and monetary authorities should be strengthened so that they can take preemptive measures to cope with any financial crises, taking the economic and other government policies designed to help the livelihoods of the general public as top priority. The government would also take positive measures to deal with the 4th industrial Revolution and such key problems on hand as the low birth rate.
Chairman Yim Jong-yong of the Financial Services Commission (FSC) called for financial reform and making the financial market stable in the New Year, although uncertainty would rule the market. Last year, competition and reform were the key subjects in the financial policies, he said.
In order to have household debt make a soft landing, paying debts should be part of the principles of managing finances for the households and corporate restructuring will be based on sustainable principles, he said. Financial reform subjects that were already taken up should be made to take root.
“We should also search for new subjects for reform this year,” Yim said.
Gov. Lee Joo-yeol of the Bank of Korea said the central bank will focus its policies on stabilizing the financial market this year.
“The financial prospect for the new year is so bleak that you can’t tell what will happen with uncertainty settling down in so many areas of the financial market at home and overseas,” the central bank top official said. “We can only try to keep the maecro-economy stable by all means this year.”
He predicted that the low interest rates would continue to be maintained with an economy expected to notch low growth for the time being and help make various financial conditions easy for corporations to borrow funds, Lee said.
Gov. Zhin Woong-seob of the Financial Supervisory Service (FSS) said that financial entities should make crises into opportunities in the new year to maintain growth to deal with uncertainty both at home and overseas, using preemptive measures to cope with the risks.
_2017년 범금융 신년인사회.JPG)
