Latest news with #KweonSeong-dong
South China Morning Post
27-04-2025
- Politics
- South China Morning Post
The Yellow Sea fish farm row threatening to derail progress in China-South Korea ties
Three large Chinese-built steel structures in a disputed area of the Yellow Sea have raised tensions between China and South Korea and prompted comparisons to Beijing's island-building programme in the South China Sea. Advertisement Beijing insists the three structures in the waters where the two countries' claims to an exclusive economic zone overlap are being run by commercial fish farmers, but critics in South Korea fear they were installed to support China's territorial claims. 'China's installation method mirrors its South China Sea tactics, ' said Kweon Seong-dong, a lawmaker from the conservative People Power Party, alluding to Beijing's programme of building artificial reefs and installing military facilities in disputed waters. Guo Jiakun, a spokesman for China's Ministry of Foreign Affairs, said on Thursday the structures 'do not violate the China-South Korea fisheries agreement nor are they related to maritime delimitation issues between the two countries'. He also said China was willing to talk to resolve the dispute. But some Chinese analysts warned that the structures could hinder efforts to improve relations at a time when Beijing was seeking support from its neighbours in its opposition to US tariffs. Advertisement Lu Chao, a professor at Liaoning University, said recent tensions in the Yellow Sea had fuelled anti-China sentiment in South Korea.
South China Morning Post
27-04-2025
- Politics
- South China Morning Post
Yellow Sea fish farm row threatens to derail efforts to improve China-South Korea ties
Three large steel structures in a disputed area of the Yellow Sea have raised tensions between China and South Korea and prompted comparisons to Beijing's island-building programme in the South China Sea. Advertisement Beijing insists the three structures in the waters where the two countries' claims to an exclusive economic zone overlap are being run by commercial fish farmers, but critics in South Korea fear they were installed to support China's territorial claims. 'China's installation method mirrors its South China Sea tactics, ' said Kweon Seong-dong, a lawmaker from the conservative People Power Party, alluding to Beijing's programme of building artificial reefs and installing military facilities in disputed waters. Guo Jiakun, a spokesman for China's Ministry of Foreign Affairs, said on Thursday the structures 'do not violate the China-South Korea fisheries agreement nor are they related to maritime delimitation issues between the two countries'. He also said China was willing to talk to resolve the dispute. But some Chinese analysts warned that the structures could hinder efforts to improve relations at a time when Beijing was seeking support from its neighbours in its opposition to US tariffs. Advertisement Lu Chao, a professor at Liaoning University, said recent tensions in the Yellow Sea had fuelled anti-China sentiment in South Korea.
Korea Herald
18-03-2025
- Business
- Korea Herald
Ruling party proposes axing taxes for second homes outside Seoul
Tax breaks floated to foster growth in non-Seoul areas in seemingly election-conscious announcement The ruling People Power Party on Tuesday announced plans to exempt owners of second or additional homes outside Seoul from taxes. Rep. Kweon Seong-dong, the People Power Party's floor leader, said at a meeting of the party leadership that lifting taxes for buyers of homes in non-capital regions could be a way of fostering an even growth across Korea, whose population is heavily concentrated in Seoul. "Some bold policy changes are necessary to even out the trend of Seoul-centered growth while the rest of the country is quickly losing population," Kweon said. According to the ruling party's plans, non-first-time buyers of homes outside Seoul would not be subject to the increase in taxes faced by second-home owners in the capital. According to the Seoul Metropolitan Government, the capital city's population is estimated at 9.6 million as of 2024. That means about a fifth of Korea's 51.7 million are living in Seoul. The People Power Party's policy proposal on Tuesday is seen as an election-conscious move, with the Constitutional Court due to give its verdict on suspended President Yoon Suk Yeol's impeachment shortly. Boosting growth in areas outside Seoul had been a central issue in the policy agendas of both the People Power Party and rival Democratic Party of Korea in the 2024 general election. In a gathering of the People Power Party's members on Monday, Rep. Kwon Young-se, the party's chair, said his party "has to stay united to claim victory in whatever comes our way" alluding to a possible presidential election.
Korea Herald
26-02-2025
- Business
- Korea Herald
[Editorial] Veto inevitable
Democratic Party pushing Commercial Act revision that businesses adamantly oppose The ruling People Power Party will ask acting President Choi Sang-mok to veto the Commercial Act amendment that opposition parties are pushing unilaterally. Floor leader Kweon Seong-dong said the bill is anti-corporate and poses a serious threat to business management activity. Kweon urged Lee Jae-myung, chair of the Democratic Party of Korea, to scrap the market-distorting law first if he wants to lead a party for centrist conservatives as he has vowed. A day earlier, the majority opposition party passed the Commercial Act amendment unilaterally through a subcommittee of the National Assembly's Legislation and Judiciary Committee despite opposition from the ruling party, the government and business circles. It reportedly plans to pass the bill in the Assembly plenary session on Thursday. Currently, the Commercial Act requires corporate board members to act in the best interests of their companies. The bill would expand their fiduciary duties to cover the interest of shareholders as well. The business community has opposed the revision out of concern that if it becomes a law, small shareholders will likely sue company directors frequently, claiming they suffered economic damage due to management decisions by the board. Directors will likely be embroiled in a flood of litigation. Companies will also become an easy target of takeover bids by speculative foreign funds. Decisions on necessary investments or mergers and acquisitions could be delayed or negatively affected by the possibility of being sued by shareholders. Shareholders are diverse, ranging from individual investors to activist funds. It is practically impossible to meet their different interests, which are sometimes conflicting. Businesses have made many pleas for the withdrawal of the Commercial Act revision. The chief executives of 16 big companies issued a joint statement in November last year, calling for a halt to the amendment. Eight business lobbies, including the Federation of Korean Industries and the Korea Chamber of Commerce and Industry, issued joint statements on Sunday and Monday urging reconsideration of the bill. The issue of expanding director duties to satisfy the interests of shareholders stemmed from a split-off practice by which a company carves out part of its profitable assets or divisions to create a new subsidiary and lists it on the stock market. In this case, small shareholders in the parent company are prone to see their stock price fall. The government and rival parties agree on the necessity of correcting this problem. However, revising the Commercial Act as a means to achieve this goal is tantamount to taking a sledgehammer to crack a walnut. The Commercial Act has a wide-ranging impact on about one million businesses across the country, including unlisted small and mid-sized companies. When it comes to protecting the interests of small shareholders in the process of mergers or split-ups, there is an alternative. That is to revise the Capital Markets Act that regulates listed companies. Pinpoint revision is the right answer. Dealing with the problem broadly, such as by requiring directors to meet the interests of shareholders as well as those of companies, is off the mark. Above all, this method has the adverse effects of atrophying management, discouraging investment, and endangering managerial control. In November last year, when Lee Jae-myung visited the Korea Exchange, he said that if the Capital Markets Act were revised to address the divestment practice in question, it would be unnecessary to revise the Commercial Act. Then he shifted ground apparently to gain votes from small shareholders in anticipation of a possible early presidential election. He seems to have come back to square one as labor and progressive civic groups who form his base condemned his recent emphasis on "pragmatism." Companies are beset by rising American protectionism and languid domestic sales. Now is the time for the government and the National Assembly to foster an environment of help for them. Management should not be imperiled under the pretext of protecting small shareholders. The amendment of the Commercial Act will inevitably be vetoed. Legislators should work out a new, more business-friendly bill.
