(EDITORIAL from Korea Times on Nov. 11)

Résumé détaillé

'Is Korea desperate enough?'Industry minister calls for deregulation The stree...

The streets of Seoul are already bright with colorful lights and decorations for Christmas. Splashes of red and green and the glitter of small lights create a sense of abundance and festivity. The celebratory ambiance sits uncomfortably, however, here in the capital of one of Asia's export powerhouses. Korea has enjoyed a stellar export rally this year, yet the benefits have yet to materialize as improvements in the cost of living for everyday citizens. A social media post by Industry Minister Kim Jung-kwan on Saturday is raising the alarm over the jarring economic landscape.

Returning from a three-day trip to China, Kim posted to Facebook: "Are we desperate enough? Are we doing what is required?" He went on to say that he was struck with a sense of urgency during his trip, as he viewed how much China had developed. According to the minister, a Korean businessman he met during the trip had asked why the Chinese government was doing so much more to support its industries compared to Korea.

Kim's post required particular attention, as he was one of the key ministers involved in the US$350 billion investment agreement with the United States reached last year. The industry minister is imploring the nation to regain its economic focus. Chinese companies -- even in sectors where Korea has long been the leader -- are quickly catching up. Chinese-made electric vehicles have arrived in Korea at competitive prices. An Oct. 28 report by Bloomberg Intelligence forecast that by 2030, China will be a global leader in eight out of 17 key sectors, including in large language models, humanoid robots and shipbuilding.

State-led industrial policy is a thing of the past. However, the pace of technological innovation in the era of artificial intelligence has made speed paramount — and that type of speed can best be achieved when the state and private enterprise work together.

Kim's remark also comes at a time when he and other officials including Labor Minister Kim Young-hoon are…

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