People Power Party presidential primary candidate Hong Joon Pyo announced a bold five-year investment plan worth at least 50 trillion won to spur development in cutting-edge fields like artificial intelligence, crypto, quantum science, super gap technology-led growth, and atmospheric superconductivity. However, Hong’s main focus is to follow U.S. President Donald Trump’s lead to push for blockchain and cryptocurrency as part of the country’s economy.
As per the report, the announcement was made during a policy briefing focused on the economy, labor, science, and technology held at his campaign headquarters in the Daeha Building in Yeouida. Hong listed 27 major commitments, focusing on a growth plan driven by the business sector and supported by the government.
“In order to foster blockchain and virtual assets as a single industry, I will eliminate regulations as much as the Trump administration in the United States did,” and “I will introduce blockchain technology to the public sector and administrative services, and foster virtual assets as a single industry,” said Hong.
Additionally, Hong also proposed a ‘New Industry gate Free’ system that would allow entry into new technologies and new businesses without government approval.
Here’s what he emphasized as direction for the economy policy: Revitalizing the economy through public-private collaboration, driving growth with super gap technologies, ensuring fair distribution based on productivity, creating jobs, and strengthening welfare for the working class.
Hong identified the necessity of creating a “Public-Private Economic Revival 5-Year Plan” that will establish long-term economic growth. The initiative would propel the private sector as leader while the government supported its efforts.
Hong proposed several transformative national initiatives that extended beyond economic and labor reforms, namely the sovereign wealth fund project initiated through oil development and the lunar landing mission goal by 2030, as well as extensive changes to the tax system.
The tax reforms presented by Hong contain two substantial elements consisting of the elimination of the comprehensive real estate tax and major tax breaks for inheritance, which boost economic activity and real estate movement.
Hong’s policy package functions as a national strategic plan to establish South Korea as an innovative free-market economy with responsive leadership.
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