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South Korean President Moon Jae-in delivers his speech on the 2018 budget bill during a plenary session at the National Assembly in Seoul on Nov. 1./ Source: Yonhap

By AsiaToday reporter Joo Sung-sik 

South Korean President Moon Jae-in stressed Wednesday that a people-oriented economy is where the fruits of economic growth go back to the people and that every structure of unfairness and privilege is changed. Moon also urged the opposition parties to handle next year's budget bill within time provided by law in order to promote the "people-oriented economy," saying, "The eradication of deep-rooted evils is changing things to provide equal and fair opportunities to every citizen."

Regarding the North Korean issue, the president once again stated the principle of peaceful resolution led by South Korea, but made it clear that the country will respond firmly to provocations, such as missile launches. He also said the Constitutional amendment focused on decentralization and autonomy of local governments can expand the people's basic human rights in the changing times and suggested holding a constitutional referendum in the local elections next year.

He delivered such remarks during a plenary session at the National Assembly on Wednesday as the government was set to submit its 2018 budget bill to the parliament. Regarding the people-oriented economy, Moon said, "If we achieve the goal of a people-oriented economy, we will be able to take the lead in resolving low economic growth and polarization issues that our world is facing." To achieve this, Moon said three key tasks will be undertaken by his government. Those include growth led by jobs and household income, growth led by innovative industries and fair economy.

"We have increased the budget by 7.1 percent this year on the basis that finance must play a more active role to revive the economy and livelihoods," he said, referring to the next year's budget plan worth 429 trillion won (US$385 billion).

Moon did not limit the people-oriented economy concept to the economy. He picked the reorganization of power institutions as the first-priority project for restoring social trust, saying, "The economy and the society cannot be separated." He also urged the opposition parties to cooperate on the creation of a regular consultative body with the government and the ruling party, saying, "The ruling and the opposition parties should work together for problems concerning security and public welfare."
 
On the constitutional amendment, Moon reaffirmed his constitutional amendment initiative to strengthen the autonomy of local governments and decentralization of the nation, saying, "The basic rights of the people should be expanded to meet the changing times." The president urged the parliament to discuss about the constitutional amendment, saying that it is desirable to hold a referendum in the local elections next year to make it possible.

On the North Korean nuclear issue, the president expressed his strong will to take the initiative and resolve it peacefully. However, he made it clear that the South will respond firmly to the North's continued provocations. "The Korean Peninsula should be safe and peaceful as it is the space of our people's life," he said. "We will secure overwhelming power to respond firmly to North Korean provocations. We will also closely work with the international community, based on the strong Korea-U.S. alliance."