Celebrating the Year of the Rooster, FSC Chairman began his new year’s address with a famous story of Admiral Yi Sun-shin, Korea’s legendary naval commander in the 16th century. Back in 1597 which marked the Year of the Rooster 420 years ago, Admiral Yi defeated hundreds of Japanese vessels with only 12 ships under his command.
“Following in his footsteps, we should brace ourselves for another year of uncertainty with perseverance and determination,” said Yim in his remarks.
The Korean economy faces uncertainty this year at home and abroad. Externally, the advent of new U.S. administration under Donald Trump and Fed’s interest rate hikes are expected to have global impact. Internally, the Korean economy has structural problems such as slowdown in economic growth and aging population.
Chairman Yim emphasized, “We should remain vigilant at such a time as this to prevent a small mistake from triggering a wider crisis.”
That is why he put his top priority this year on financial market stability through close market monitoring and prompt responses to risk factors. Second, the FSC will provide a financial safety net for low-income households’ livelihood security. Third, the FSC will push ahead its financial reform as we did for the last two years to promote competition and innovation in the financial sector.
If you want to know more about what the FSC will do this year, please check our policy briefing for 2017 on our website.
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