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President Lee Jae Myung speaks during a Cabinet meeting at Cheong Wa Dae on Oct. 27. / Yonhap News Agency

President Lee Jae Myung on Oct. 27 called for actively using the government's fiscal capacity to invest in advanced industries and stimulate domestic demand, citing large-scale protests in European countries, including France, as a cautionary lesson. In particular, he instructed officials to consider not only government-backed credit support but also financial assistance to expand housing supply and revive the sluggish construction industry.

Presiding over a Cabinet meeting at Cheong Wa Dae that day, Lee said, "Hardships in people's livelihoods, a stagnant economy and accumulated inequality are common factors behind the difficulties Europe is experiencing. We should take Europe's situation as a cautionary lesson." He continued, "We must actively mobilize policy measures to expand investment in advanced industries and foster domestic demand by making use of our increased fiscal capacity. Now is the time to concentrate our efforts on effectively sowing more seeds so that we can reap a greater harvest in the future."

Lee also called for revitalizing the construction industry by expanding housing supply. "In the housing sector, increasing supply is meaningful in itself, and it also helps stimulate the sluggish construction industry," he said. "If necessary, please consider not only government-backed credit support but also fiscal support." The instruction came after Lee ordered officials on Oct. 20 to shorten as much as possible the time required for land development, permits and approvals, and the start of construction. He has now gone a step further by calling for a review of fiscal support.

Regarding controversy over the attendance of heads of investigative agencies, including the chief of the Serious Crime Investigation Agency (SCIA), at Cabinet meetings, Lee reaffirmed his position that the practice represents a "normalization of the abnormal" by correcting improper customs. "When people are exposed to something abnormal for a long time, they often mistake that abnormality for normality, and conversely, what is normal comes to be regarded as abnormal," Lee said. "Correcting improper practices or certain kinds of exemptions is reform and progress."

SCIA chief Kim Ji-yong attended the Cabinet meeting for the second time, following his attendance on Oct. 20. Acting head of the Prosecution Service Lee Jeong-hyun and acting commissioner general of the National Police Agency Kim Jong-chul also attended. "Cabinet members have no choice but to attend because they are required to participate in decision-making, but officials from other commissions, ministries and agencies do not have to come if they are busy," Lee said. "But they should come about once a month." Lee also ordered stronger efforts to recover proceeds of crime. Addressing acting Prosecution Service chief Lee Jeong-hyun, the president said, "It is such a serious social problem that people even say, 'You can serve a few years in prison, come out with money left over and end up better off by committing crimes.'" He urged Lee to improve the effectiveness of efforts to recover criminal proceeds.

                                                                                                         Park Young-hoon