Cultural powerhouse vs. cultural equity: Two leading presidential candidates have different priorities
Lee Jae-myung, Kim Moon-soo offer different cultural visions for South Korea's future
As South Korea now heads down the home stretch in a pivotal election, the early campaign — triggered by the martial law declaration on Dec. 3, 2024 — pushed cultural policy to the sidelines. Cultural and arts-related issues received scant attention in both the first and second televised debates.
With less than a week remaining to the June 3 vote, the official platforms and public remarks of the two leading candidates — Lee Jae-myung of the Democratic Party of Korea and Kim Moon-soo of the People Power Party — reveal their priorities in culture policies.
While the two candidates frame their cultural agendas around different themes — global expansion vs. regional equity — both embed cultural policy within broader economic and social frameworks.
Lee Jae-myung: 'Top 5 global cultural powerhouse'
For Lee, cultural policy is closely tied to economic and industrial development. His campaign frames culture as a growth engine, with a bold ambition to position South Korea among the world's top five cultural powerhouses.
Under his 'K-Culture Vision,' Lee proposes scaling up cultural exports to 50 trillion won ($37 billion) and expanding the broader K-culture market to 300 trillion won by 2030. He is campaigning on a platform that emphasizes bolstering globally competitive content industries — such as streaming platforms, webtoons, games and dramas series — while increasing public investment in advanced infrastructure, including high-tech studios and multipurpose creative hubs.
A range of policies fall under this economic-cultural strategy: The introduction of tax credits for K-performance content and production costs, expansion of content policy funds, deregulation of the gaming industry and integrated support for the webtoon and animation sectors. Lee also promises stronger state support for every stage of the creative process and a significant increase in humanities research funding.
Lee's pledges are distributed across several of his top 10 campaign promises. Under Priority 1, 'Building a Globally Leading Economic Power,' he outlines 'Advancing K-content to Achieve Cultural Powerhouse Global Top 5.' Priority 7 includes 'Strengthening the Rights of Artists Through Protection of Creative Ownership.' Priority 8, focused on social welfare, calls for 'Expanding Social Insurance for Artists and Increasing Multifunctional Support Spaces.'
Cultural policy under Lee is coordinated through the K-Cultural Power Committee, chaired by former Culture Minister Yoo Hong-jun, which was established to collect input from experts and stakeholders. The committee has underscored the urgency of increasing the cultural budget, which currently accounts for 1.33 percent of total government expenditures.
Kim Moon-soo: 'Every region a cultural hub'
In contrast, Kim Moon-soo's platform gives culture a much lower profile and closely mirrors the current administration's approach. His top 10 campaign pledges make no mention of "K-culture" or the arts. However, during a meeting with the Federation of Artistic and Cultural Organizations of Korea on May 20, Kim unveiled a series of cultural policy proposals.
Under the slogan 'Making Every Region a Cultural Hub,' Kim's initiatives are focused on cultural equity. His plan centers on the creation of '10-minute culture life zones,' ensuring that everybody can access theaters, community arts centers and lifestyle culture facilities within walking distance.
Kim also proposes decentralizing national cultural institutions by creating regional branches of major museums and art galleries, aiming to redistribute the Seoul-centric concentration of resources. He also pledges to expand touring performance programs, support opportunities for young artists and increase funding for a subsidy program that enhances cultural access for underserved groups.
These proposals closely resemble those of the current administration.
Kim's approach aligns with the Culture Korea 2035 vision announced by the Ministry of Culture, Sports and Tourism in March, which identified balanced regional cultural development as its top priority and emphasized relocating national arts institutions to provincial areas.
Additionally, there were proposals for more direct forms of support. Under the banner of promoting the globalization of K-content, Kim pledged to elevate South Korea to one of the world's top three musical theater powerhouses, significantly ease regulations on the gaming industry and support the convergence of the webtoon and animation sectors.
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Korea Herald
39 minutes ago
- Korea Herald
[Yoo Choon-sik] President Lee should look beyond market cheers
The South Korean stock market soared on each of the first two trading days following President Lee Jae-myung's official inauguration after securing a decisive victory in the early election held on June 3, winning by a substantial margin over his opponents. The peaceful transition of power and the political clarity it brings have been met with visible enthusiasm. Undoubtedly, Lee and his party, together with the people of South Korea, have every reason to relish the celebratory honeymoon phase of their administration. The stock market's benchmark Kospi posted a remarkable combined gain of 4.2 percent over those two days to end at 2,812.05 points on Friday, representing the highest closing level in nearly a year since July 18 last year. During the same period, foreign investors made net purchases totaling 2.07 trillion won ($1.52 billion) on the main board, marking the most net inflow from overseas investors in a year. This sharp uptick in buying activity reflected renewed confidence in the Korean market under the new leadership. The rise in stock prices is widely interpreted as a reflection of relief across the investor community, stemming from the peaceful resolution of the monthslong political impasse, triggered by the former president's controversial declaration of martial law last December. With stability now restored, there is cautious hope that Lee's administration will introduce pragmatic, market-friendly reforms. Contributing to the rally are also favorable external factors: a persistent weakening of the US dollar against major global currencies and the announcement that the US and China intend to resume trade negotiations —developments that typically benefit emerging markets like South Korea. Historically, traditional markets served as informal forums where policymakers could gather sentiment from the people, as citizens exchanged views and insights while trading goods. In our current era, financial markets serve a parallel — yet far more complex and consequential — role. They function as barometers of public and investor sentiment, allowing market participants around the globe to continuously evaluate a nation's economic performance, policy direction and future outlook. From that perspective, the recent rally in the stock market, alongside the strengthening of the Korean won, can be read as a strong initial endorsement of the promises and rhetoric offered by President Lee during the campaign. His campaign period, however, was notably brief, offering limited time for his team to flesh out fully detailed policy plans. Nonetheless, the messaging struck a chord, especially among investors and market observers eager for reform and modernization. One of Lee's key campaign priorities is addressing the "Korea Discount" — a persistent and well-documented phenomenon that refers to the comparatively low valuation of Korean-listed companies relative to their international peers. It is largely attributed to weaknesses in corporate governance, low shareholder returns and systemic inefficiencies in South Korea's regulatory and economic framework. To address this issue, Lee has pledged to revise Article 382-3 of the Commercial Act. The proposed amendment would obligate directors of listed companies to act not just in good faith but specifically in the interest of both the company and all its shareholders. The current version of the act requires directors to act for the benefit of the company, but lacks explicit emphasis on shareholder interests. Lee has also vowed to introduce the cumulative voting system. Many view this as a powerful tool for enhancing minority shareholder rights, as it allows shareholders to pool votes to elect at least one representative to a board, in contrast to the traditional system of one vote per share per director. Deliberative policymaking In addition, he supports other measures aimed at prompting companies to return a greater portion of earnings to shareholders and limiting the negative effects of corporate spinoffs that often disadvantage minority investors. While these governance-focused reforms are grabbing headlines, Lee has also promised fiscal stimulus on a massive scale. Though not explicitly intended to push stock prices higher, a major supplementary budget is expected to provide a strong economic stimulus to offset faltering domestic demand. This comes at a time when South Korea, an export-driven economy, is grappling with declining overseas sales due mainly to the US government's imposition of steep tariffs on most of its trading partners. It is worth noting that the previous administration had already introduced a 13.8 trillion won supplementary budget back in May, aimed to assist those affected by weak consumer spending, fund recovery in wildfire-stricken regions and support the development of national artificial intelligence infrastructure. The new extra budget being considered under Lee's administration is reportedly about three times the size of the previous one, signaling a bold fiscal approach. Taken together, these initiatives have offered a strong psychological boost to the stock market. They enhance the growth outlook for shares in a wide range of South Korean companies, many of which have long underperformed relative to their counterparts in other advanced economies. The anticipation of pro-growth reforms, combined with short-term liquidity injections, has widened the upside potential for equities. Yet, such optimism must be tempered with realism. The market lift resulting from policy announcements and fiscal measures may not be sustainable unless underpinned by genuine improvements in economic fundamentals. Corporate earnings, gross domestic product growth and export competitiveness — particularly in light of evolving global trade dynamics and tariff uncertainties — remain the true drivers of long-term performance. Furthermore, the risk of unintended consequences looms large. Even the best-intentioned policy can yield adverse results. Business leaders and major corporations have already voiced concerns that overly aggressive changes to the Commercial Act might deter boards from making bold, strategic investments, out of fear of legal entanglements or shareholder activism. Similarly, the large supplementary budget, if not crafted with precision and expertise, risks missing its mark. Without broad consultation and careful planning, the spending could end up inefficiently allocated, raising government debt while failing to generate meaningful economic uplift. That would not only disappoint voters but also strain public finances further. These concerns are especially pertinent in today's political landscape, where the Democratic Party of Korea holds a commanding majority across both the executive and legislative branches. This political dominance could enable the administration to push forward its agenda swiftly, but also tempt it to bypass the kind of open, deliberative policymaking that democracy requires. President Lee must remain aware that while voters handed him a clear mandate, they did not grant him unchecked authority. The people expect reform, yes — but they also expect balance, consultation and accountability. As the proposed revision of the Commercial Act implicitly acknowledges, those in power have a duty to act not just in their party's interest, but in the collective interest of the entire nation. Yoo Choon-sik worked for nearly 30 years at Reuters, including as the chief Korea economics correspondent, and briefly worked as a business strategy consultant. The views expressed here are the writer's own. — Ed.
Korea Herald
12 hours ago
- Korea Herald
Over 370,000 sign petition to expel Lee Jun-seok over misogynistic remark
Over 370,000 South Koreans had signed an online petition calling for Rep. Lee Jun-seok of the minor New Reform Party to be expelled from the National Assembly as of Sunday afternoon. The petition came after Lee cited a controversial misogynistic remark during a televised presidential debate on May 27, ahead of the June 3 presidential election. The number of people who had signed the petition stood at 375,346 as of around 5 p.m. Sunday, gaining supporters at a rapid pace just four days after it was posted on the National Assembly's petition page on June 4. The petition calls on the Assembly to review Lee's qualifications as a lawmaker and take disciplinary action against him, arguing that he 'betrayed the people's trust and damaged the dignity of a member of the National Assembly.' The petition is expected to be reviewed by the Assembly, as it garnered more than 50,000 signatures. If more than 50,000 people support a petition within 30 days of it being made public, it is considered valid and is deliberated by the relevant standing committee of the National Assembly. However, under the Constitution, expelling a member from the National Assembly requires the consent of at least two-thirds of all sitting members. The unnamed petitioner claimed that Lee, who was the New Reform Party's presidential candidate in the June 3 election, committed verbal sexual violence when he cited inappropriate language that depicted violence against women. 'Legislators are the representatives of all citizens. This means that a National Assembly member must engage in legislative activities aimed at eliminating discrimination, hatred against minorities and upholding the dignified lives of the people," the petitioner said, requesting that the National Assembly expel Lee from office for violating Article 155 of the National Assembly Act. The article stipulates that the assembly may take disciplinary action against lawmakers who violate general ethics principles for National Assembly members or rules governing their ethical practice. "But his inappropriate, violent language and his irresponsible attitude in justifying his actions severely undermined people's trust and damaged the dignity expected of a National Assembly member,' the petitioner added.
Korea Herald
15 hours ago
- Korea Herald
With G7 on horizon, Lee Jae-myung races to fill key posts at home
President Lee Jae-myung is set to enter his second week in office focused on filling key Cabinet posts and secretariat appointments, as he gears up for his diplomatic debut at the Group of Seven summit in Canada. Lee took the oath of office on Wednesday, immediately after the election victory and without a transition period, as his conservative predecessor, Yoon Suk Yeol, was impeached in mid-December last year for his brief imposition of martial law and removed from office in April. The new president is now tasked with addressing the fallout from the monthslong leadership void in South Korea while Washington's deadline on the pause of US President Donald Trump's "reciprocal" tariffs is about a month away. There are speculations that Lee's in-person meeting with US President Donald Trump and Japanese Prime Minister Shigeru Ishiba could materialize on the occasion of Lee's visit to Canada. Earlier this week, both Seoul and Washington confirmed that Lee had held phone talks with his US counterpart Friday night Seoul time. A day after the 20-minute phone call, Lee's spokesperson Kang Yu-jung said in a briefing Saturday that Lee has "made the decision to attend" the Group of Seven summit scheduled on June 15-17 in Canada. Lee's office has yet to unveil Lee's itinerary for the summit. Regarding Lee's potential meeting with Trump, an official from the presidential office said it was "faithfully preparing" for the meeting. The official added that phone talks with world leaders, such as Chinese President Xi Jinping, were also being arranged. Lee would become the first South Korean president to attend the G7 summit in two years, after his disgraced predecessor Yoon attended one in Hiroshima, Japan, in 2023. The surprising announcement over Lee's G7 summit attendance came a few weeks after Lee, then-presidential candidate of the liberal Democratic Party of Korea, said in a news conference on May 18 that he believed South Korea had not received an invitation for the summit. At the same news conference, Lee said that he prioritizes domestic issues over his presence at the NATO summit scheduled for June 24-26 in the Netherlands, unless the event "specifically addresses current issues" of concern. On his first day in office, the first executive order Lee issued was to establish a body for the emergency economic review to address the faltering national economy. Meanwhile, Lee's office on Sunday announced more of Lee's secretary nominations, signaling a boost to resolve a social division and igniting a reform drive targeting the prosecution. Woo Sang-ho, a former four-term lawmaker, was nominated presidential secretary for political affairs. Woo has also formerly served in key leadership roles in the major liberal party, and is deemed a right fit for the position to revive bipartisanship and resolve social conflict in South Korea, given his lifelong experience in politics, Chief of Staff Kang Hoon-sik said in a briefing Sunday. Former prosecutor Oh Kwang-soo was named presidential secretary for civil affairs. Kang said Oh has a "deep understanding of Lee's initiatives to reform South Korea's prosecution." Referring to multiple criminal cases for which Lee was indicted, the presidential office said Lee had fallen victim to politically motivated prosecution, which often sought to remove political opponents of then-President Yoon. Also, Lee Kyu-youn, a career journalist and former CEO of JTBC, was picked as presidential secretary for public relations and communication. This follows the announcement of Lee's nominations of key figures in his first week of presidency, including prime minister nominee Rep. Kim Min-seok, Chief of Staff Kang, National Security Adviser Wi Sung-lac, Director of National Policy Kim Yong-beom, and others. While the two more senior presidential secretary seats remain vacant as of press time, alongside deputy director posts at the presidential National Security Office, the presidential office was "still reviewing" future nominations, according to an official who asked for anonymity. Another official of the presidential office said that Lee's future nominations for Cabinet ministers will not come into shape in the near future. The official said, "The prime minister nominee is now preparing for the parliament's confirmation hearing. We need to wait and see how the hearing proceeds." The official also hinted at introducing the national system in the future, which would allow ordinary people to recommend public official nominations, as promised during Lee's presidential campaign.
