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President Moon Jae-in recommits to establish 'fair economy' Updated: 2018-11-09 17:59:45 KST

In his speech Friday morning, President Moon reiterated the importance of ensuring that the working class, mom-and-pop businesses, SMEs and conglomerates can prosper together.
And to that end, he renewed his commitment to building a fair economy.

"For our economy, it shouldn't be about speed anymore. Rather it's about pushing ahead together."
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The Fair Economy Strategy Meeting is composed of officials from the top office, the government, parliament, civilian experts and business leaders and they discussed the fair economy's future direction.
A fair economy, along with so-called income-led growth and innovative growth, is one of the key pillars of the Moon administration's economic policy.
President Moon stressed that the nation has seen remarkable growth thanks to the collective hard work of the people,. but he insisted that fairness has been lost in the process, and that the nation's achievements and benefits have been mostly concentrated among the conglomerates.

"We need the people to prosper in order to keep the conglomerates growing. Only fair competition and fair rewards for one's work can spur innovation."
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He also said a fair economy will be a win for both ordinary people and big business. Companies will be able to increase their international competitiveness through greater transparency and fair competition.
People will be able to engage in autonomous and creative economic activities, which could also lead to the emergence of a new growth engine.
President Moon pledged that the government will take steps to fix unfair business practices to ensure equal opportunities and fair competition for all, in order to realize a fair economy and economic democracy.
Hwang Hojun, Arirang News.
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