Korea JoongAng Daily - Daily News from Korea

This article is by Kim Seon-mi and read by an artificial voice.

The government will allow single-stock exchange-traded funds (ETF) tied to individual companies — such as Samsung Electronics and SK hynix — on the domestic market, aiming to draw back investor demand that has been flowing overseas.

A revision to the Enforcement Decree of the Financial Investment Services and Capital Markets Act was approved at a Cabinet meeting, the Financial Services Commission (FSC) said Tuesday, enabling the measure to be implemented. The revised measure is set to take effect on April 28.

Domestic asset managers are expected to launch item-tied ETF products next month, following completion of securities registration and listing reviews. ETFs based on Samsung Electronics and SK hynix could become available on the domestic stock market as early as May 22.

ETFs are funds designed to track the returns of specific stock indexes or other underlying assets and can be traded in real time on exchanges. They offer the advantage of diversification by bundling multiple stocks while remaining easy and quick to trade.

However, in Korea, regulations requiring ETFs to include at least 10 stocks and limiting each stock's weighting to 30 percent have drawn criticism for pushing investment demand overseas, including to the United States and Hong Kong, where single-stock ETFs are already active.

In response, the government has decided to allow single-stock ETF products limited to leading domestic companies. Eligible stocks must meet criteria such as accounting for at least 10 percent of market capitalization, at least 5 percent of trading value, at least 1 percent of derivatives trading volume and maintaining an appropriate investment grade.

Currently, only Samsung Electronics and SK hynix meet these requirements.

The permitted leverage ratio will be capped at plus or minus 2x, reflecting the nature of leveraged products, which are highly sensitive to changes in the underlying asset price.

The revised standards will also apply to exchange-traded notes, according to the FSC.

The government also plans to strengthen investor protection measures as the expansion of leveraged investment increases the risk of losses.

However, the mandated education session for ETF investors will be expanded to ensure maximum investor safety.

The mandatory preinvestment education for leveraged ETF investors will be extended from one hour to two hours, covering topics such as negative compounding effects, leverage effects and tracking error risks. To emphasize that these are not diversified investments, product names will exclude the term "ETF" and instead include terms such as "single-stock," "leveraged" or "inverse."

The revision also includes provisions allowing weekly options products based on individual stocks and ETFs. Options are derivative financial instruments that grant the right, but not the obligation, to buy or sell an underlying asset, such as a stock, at a predetermined price upon maturity. Weekly options, which expire every week, offer advantages in responding to short-term volatility or hedging risks.

Previously, only products based on indexes such as the Kospi 200 and Kosdaq 150 were available.

Based on market capitalization and other factors, weekly options products for four individual stocks — Samsung Electronics, SK hynix, Hyundai Motor and LG Energy Solution — are scheduled to be listed on June 29. Weekly options products for ETFs are set to be introduced in the second half of the year.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Yoon Ji-won, Michael Lee and read by an artificial voice.

South Korea and China reaffirmed cooperation in economic and veterans' affairs on Tuesday, even as speculation persists over a possible strain in their relationship.

South Korean Vice Foreign Minister Kim Jina met with Chinese Vice Commerce Minister Yan Dong for the 29th session of the bilateral Joint Economic Commission in Beijing on Monday, where the two sides underscored the need to maintain stable supply chains for critical minerals and rare earths, according to Seoul's Foreign Ministry the following day.

They also discussed ways to expand bilateral investment and advance negotiations on services and investment under the two countries' free trade agreement, the ministry said.

The session marked the first of the commission — a vice-minister-level economic dialogue dating back to 1992 — since December 2024.

Meanwhile, the South Korean Defense Ministry is due to hold a ceremony on Wednesday at Incheon International Airport to return the remains of Chinese soldiers killed fighting alongside North Korean forces during the 1950-53 Korean War.

The ceremony, which will see the return of 12 remains, will be held at the vice-ministerial level for the first time in three years to maintain momentum in bilateral ties, according to the ministry.

South Korea has already returned 1,011 sets of Chinese soldiers' remains in 12 previous repatriations since 2014.

Seoul signed an agreement with Beijing in 2013 to return the remains of Chinese soldiers recovered in South Korean territory. Under the agreement, the two sides consult each other annually before conducting repatriations.

Chinese state media reported that Beijing will deploy its Y-20B strategic transport aircraft to carry the remains to China, marking the first time the model has been used for a mission on South Korean soil.

However, the absence of other high-level exchanges has fueled speculation that Seoul's relationship with Beijing is also under strain.

Although Lee Jong-seok, director of Seoul's National Intelligence Service, was expected to travel with the South Korean delegation for talks in Beijing earlier this week, his visit was called off at the request of the Chinese government, according to multiple Korean reports that cited unnamed diplomatic officials.

The cancellation of Lee's trip, as well as the lack of a potential visit to South Korea by Chinese Foreign Minister Wang Yi, were linked by these sources to Beijing's objections to Seoul's decision to remove the "China (Taiwan)" label from its K-ETA electronic arrival registration system.

Foreign Minister Cho Hyun said in January he would seek to meet with Wang sometime "in the first quarter," suggesting that Wang could travel to Seoul. A visit by Wang Yi could offer Seoul a chance to raise support for President Lee Jae Myung's push to improve inter-Korean relations.

But Wang instead undertook a surprise visit to Pyongyang from April 9 to 10, meeting North Korean leader Kim Jong-un and Foreign Minister Choe Son-hui, which analysts saw as an effort by Beijing to reinforce ties with Pyongyang and coordinate its regional posture ahead of a planned summit between the U.S. and Chinese leaders in May.

South Korean officials have countered speculation of a diplomatic rift between Seoul and Beijing, saying that Lee and Wang's visits had simply not been scheduled, adding that the change to the K-ETA system was a routine adjustment aimed at improving user convenience.

"Some of the reporting feels like chasing a ghost that doesn't exist," a senior official told the JoongAng Ilbo, cautioning against reading too much into "fragmentary developments."

Another official noted that "if relations had truly deteriorated, Beijing would have been unlikely to proceed with inviting Seoul's vice foreign minister for talks in the first place

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It...

This article is by Shin Ha-nee and read by an artificial voice.

A dance prodigy has grown up — and she is now part of Unchild, a rookie girl group that has made a noticeable entry into the scene.

"I have a lot of name tags at home, which I got from appearing on various TV programs before as a 'dance prodigy,'" said member Haeun during a press showcase for the girl group's debut single, "We Are Unchild," in central Seoul on Tuesday.

Many Korean entertainment and reality programs offer hosts and guests name tags so that audiences, both old and new, can easily identify them.

"But the moment I got my first name tag as 'Unchild's Haeun,' I had a flashback to everything I had learned so far, and it felt like I had arrived at my final destination," Haeun continued.

Unchild debuted on Tuesday under Kakao Entertainment-backed Highup Entertainment, the company's second K-pop act following girl group STAYC's launch in 2020. The group's name, Unchild, signifies its determination to remain undefined and unrestricted by expectations, with the members aiming to become rule-breakers who can shake up the industry, according to the agency.

The sextet consists of Yeeun, Heekie, Tina, Ako, Evon and Haeun. Yeeun, Heekie, Evon and Haeun are from Korea; Tina is from China; and Ako is from Japan.

Haeun, in particular, first gained attention after appearing on SBS variety TV show "Star King" (2007-16), where she earned the nickname "dance prodigy" in 2013. Since then, she has steadily built an online presence by posting dance content on social media platforms, including YouTube.

She joined SM Entertainment as a trainee in 2022 but left the company to join Highup in 2024.

"I had always been alone [...] so it was my dream to dance with other people," she said. "Though it would be a lie to say that I didn't feel any pressure [from my reputation], that also motivated me to work harder to make a new impression on people as an idol."

Yeeun may also be a familiar face to some K-pop fans, as she competed on Mnet's audition program "I-Land2: N/a" (2024), which formed the girl group izna.

"I remember crying a lot after being eliminated from 'I-Land2,'" said Yeeun, adding that her bandmates helped her move past the setbacks.

"The biggest difference between my past and present self is that I can now 'hop over my fears,' just like the lyrics of our song say," she said.

Unchild's debut single, "We Are Unchild," features two songs: the lead track "Unchild" and the B-side "Energy."

The lead track serves as a confident introduction to the group. The intense and fast-tempo electronic dance-pop song opens with the verse, "We are Unchild."

Yeeun described the track as "an invitation [...] to Unchild's introduction."

According to the members, their senior labelmate, STAYC, has strongly supported them ahead of their debut.

"Yoon from STAYC told us about how she wished that she had seniors when she was a rookie and that it's O.K. for us to rely on her," said Yeeun, sharing that the STAYC member wrote a heartfelt letter to the group and even sent a coffee truck during the filming of a music video, a common trend in which fans — and even celebrities — send food and beverage trucks to show their support.

Now standing at the starting line, the group says that it hopes to leave a lasting impression, citing winning a "rookie of the year" award as one of its goals.

Quoting a line from the group's debut song, leader Heekie declared, "What I hope that people will say after our debut is that Unchild has 'put an exclamation mark on the world.'"

This article is by Yoon Seung-jin and read by an artificial voice.

[Hired in Korea]

Claudia Petzova's interest in Korea began when she first watched a performance by K-pop boy band Big Bang at her cousin's recommendation. She recalls falling in love with their singing and stage presence almost "immediately," a spark that later led her to a career as a professional dancer in Korea.

Although she has appeared in K-pop music videos for groups such as Sistar and Monsta X, what ultimately drew her in was, of all things, trot — a semitraditional pop genre, popular among older audiences, which blends ballads, dance and jazz, often paired with equally eclectic choreography.

"I came to Korea as a Global Korea Scholarship student and majored in human resources at Konkuk University, hoping to get a job in the music industry in case I didn't make it as an artist myself," said trot dancer Petzova. "However, I had some great opportunities and took on numerous dance and choreography projects across different genres based on my previous experience working as a professional dancer back in Bulgaria."

"Now I specialize in trot, aiming to make a mark in the trot world, just like Kany did in K-pop," Petzova added, referring to French choreographer Kany Diabate Ahn, who has created choreography for many K-pop artists, including SHINee, Jisoo and Hwasa.

The Korea JoongAng Daily sat down with Petzova to hear more about her journey, the challenges of being a foreign trot dancer in Korea and her advice to those hoping to build a career here.

Q. What kind of work are you doing as a dancer in Korea?

A. I work as both a backup dancer and choreographer for trot artists like Leo and Changho.

I'm also part of a dance team made up of foreign dancers. We perform samba, flamenco, Arabic dance and various traditional folk dances at festivals and events.

In addition, I have worked as a backup dancer for K-pop artists before and have performed on major music shows such as "Music Bank" (1998-) and "Inkigayo" (2007-).

At this point, I'd say I'm one of the very few foreign dancers who specialize in trot.

Can you share more about the process of becoming a dancer, how you found your agency and what auditions are typically like?

I started dancing when I was 10 and worked as a professional dancer in Bulgaria.

As for Korea, I initially went to an interview with my first agency just to accompany my roommate. But the interviewer asked about my experience too, and I ended up auditioning and eventually working with them.

In this industry, you have to audition constantly, and the process is usually quite similar each time. You find a job posting and submit your resume outlining your experience, along with videos featuring your dancing.

If you pass the initial screening, you move on to in-person auditions, where you're expected to demonstrate your dancing skills very quickly.

It's a simple process overall, but everything moves at a fast pace, which can feel a bit intense at times.

What drew you to trot?

I fell in love with trot because I think it represents Korea so well and has a unique way of bringing fans together.

I've danced with K-pop groups and artists, which was an amazing experience and something I had always dreamed of. However, I happened to perform on a trot stage by chance, and that's when I realized I enjoyed it even more. There's something about trot that really makes people want to dance and stay engaged, which creates a more fun, livelier atmosphere.

The lyrics are also deeply emotional and reflect different aspects of Korean culture, which helps create a strong sense of connection and community among listeners. Because of this, the fan culture is incredibly warm, energetic and welcoming.

My biggest dream is to share the charm of trot with audiences around the world and help elevate the genre's profile internationally.

What's the culture in the industry like?

Here in Korea, there's a strong collectivist culture, so dancers and artists rehearse together ver...

This article is by Ko Suk-hyun and read by an artificial voice.

Korean shipbuilders are deepening their push into the U.S. Navy's maintenance, repair and overhaul (MRO) market, with work on American support ships mounting at major domestic yards.

The move — albeit small in number — plays a strategically crucial role for the Korean shipbuilding industry, as shipbuilders see it as a way to build trust in the world's largest naval maintenance market and widen Korea-U.S. shipbuilding cooperation, even as access remains narrow and competition intense.

Korean shipbuilders have already won three U.S. Navy MRO contracts this year, shipbuilding industry sources said Sunday — an impressive feat, considering that Korean firms secured just five MRO contracts in the whole of 2025.

Hanwha Ocean says its first U.S. Navy contract came after it secured a Master Ship Repair Agreement (MSRA) from the Naval Supply Systems Command, while HJ Shipbuilding & Construction said in January that its own MSRA opened the door to bidding on both support-ship and combat-ship maintenance work for five years.

HD Hyundai Heavy Industries' (HHI) effort in entering the MRO race is also becoming more fruitful. On April 6, the USNS Richard E. Byrd docked at the company's Ulsan shipyard. The 41,000-ton dry cargo and ammunition ship, which entered service in 2008 and has operated in the U.S. Navy's 7th Fleet area, is scheduled to return to sea in June after maintenance on roughly 100 items involving the hull, structures and propulsion and electrical systems.

The appeal of the business is clear. Because MRO work continues across a ship's full service life, it can provide shipbuilders with long-term revenue beyond one-off newbuilding orders. Market research firm Fortune Business Insights projects that the global naval vessel MRO market will grow from $127.1 billion this year to $215.5 billion by 2034.

HD HHI recently completed an earlier MRO job on the USNS Cesar Chavez and redelivered the vessel earlier this month. Hanwha Ocean has also secured two U.S. Navy MRO contracts this year. While the U.S. Navy initially requested MRO for around 90 items, the company has had to repair and service an additional 100 or so items, significantly increasing the total contract amount.

Hanwha Ocean, the first local firm to overhaul a U.S. Navy ship, secured two MRO contracts from the U.S. Navy for its Busan and Jinhae, South Gyeongsang plants each this year.

Samsung Heavy Industries is also preparing to enter the market in earnest through a strategic partnership with Vigor Marine Group, a U.S. shipyard specializing in naval maintenance and modernization. Samsung Heavy said last month that the partnership was aimed at pursuing MRO work for U.S. Navy auxiliary ships and, eventually, broader commercial shipbuilding cooperation in the United States.

HJ Shipbuilding & Construction is carrying out additional work on the USNS Amelia Earhart, a 40,000-ton logistics support ship. The vessel had originally been expected to depart last month after inspection and maintenance, but extra repair items were found during the overhaul, extending the work into June. HJ said that Amelia Earhart had entered its Yeongdo shipyard and that the company had secured MSRA qualification from the Naval Supply Systems Command in January.

For Korean shipbuilders, the strategic value may be even greater than the immediate earnings.

U.S. Navy MRO contracts are seen as a gateway to Korea's initiative to invest in and revitalize the U.S. shipbuilding industry, known as "Make American Shipbuilding Great Again" (MASGA).

More than the size of the contracts themselves, what matters is their potential to lead to much larger follow-on business by helping Korean shipbuilders gain a foothold in the U.S. market and build credibility there. The U.S. maritime industry has traditionally been difficult for foreign companies to penetrate. The Merchant Marine Act of 1920, better known as the Jones Act, has long shielded the mark...

This article is by Sarah Chea and read by an artificial voice.

YEOSU, South Jeolla — Though wars and geopolitical upheavals are stalling the "green transition," Minister of Climate, Energy and Environment Kim Sung-whan warns that if Korea hesitates to make the shift, "China will seize the market."

"If some countries step back and we convince ourselves we can afford to slow down, China will capture all the green industries — that is the reality," Kim said during a press conference on the sidelines of the United Nations Framework Convention on Climate Change's Climate Week and Korea's Green Transformation Week in Yeosu, South Jeolla, on Monday.

"China, backed by formidable capital, has already secured a commanding grip on global markets, which is plainly visible," he added. "It is imperative that Korea move quickly to strengthen its industrial competitiveness, as this will have a critical impact on the nation's jobs outlook in the long run."

Kim also vowed to rebuild Korea's reputation in the solar sector, now largely dominated by Chinese manufacturers. Earlier in the year, the minister signaled plans to mandate the use of domestically produced solar modules and inverters in publicly funded projects.

The remarks come as Chinese-made inverters have drawn mounting scrutiny over security risks after undisclosed communication devices were reportedly found embedded in some Chinese inverters in the United States last year. In Europe, a widespread blackout across Spain and Portugal also prompted speculation about the potential for cyberattacks linked to solar infrastructure.

"The global solar market is more than 90 percent dominated by China. If Korea, too, were to falter [in its competitiveness], the market would effectively become a monopoly," Kim said. "Despite the difficulties, this is an existential moment, during which we must rebuild our solar industry."

"In Korea's subsidy-backed solar market, we intend to use domestically produced modules, including their paired inverters," he continued. "This is not about mandating all inverters across the board but ensuring that, where public funds are involved, Korean-made products are used."

Solar power has been Kim's primary focus, while the current Lee Jae Myung administration has mainly advocated for expanding renewable energy. The Ministry of Climate, Energy and Environment has set a target to cut greenhouse gas emissions by 40 percent from 2018 levels by 2030 — roughly 290 million tons — alongside a pledge to deploy 100 gigawatts of renewable energy capacity in the power sector.

"All energy, at its source, comes from the sun," Kim said. "Though the forms can be different — such as through space as Elon Musk has envisioned or captured through Earth directly as solar power, indirectly as wind or as stored potential energy — turning away from that fundamental source in favor of alternatives is neither rational nor sustainable."

Kim also argued that the only viable path through the climate crisis is for a single country to set the standard and lead by example — a role that he cast as Korea's historic charge.

"The atmospheric carbon dioxide stood at about 280 parts per million before Korea's industrial revolution, but it surpassed 430 parts per million last year. With concentrations rising by roughly 3 parts per million each year, we are on track to exceed 450 parts per million in the early 2030s, placing the planet in peril of breaching the 2-degree threshold," he said, referring to efforts to limit climate change to 2 degrees Celsius (3.6 degrees Fahrenheit) as agreed upon in the Paris Climate Agreement.

"This is a global crisis, yet the response has been left to the discretion of individual nations, which has slowed progress," he added. "What is required is for one country to decisively reconfigure its industrial system — economically, socially and culturally — into a model of climate resilience and mitigation, then lead the way. I believe that Korea carries that historic responsib...

Lee Kwang-hyung

The author is the president of KAIST.

The pace of development in AI has exceeded expectations. Technologies that only a few experts handled just a few years ago are now reshaping daily life and industry. In production sites, AI is already replacing or surpassing human labor in some tasks, while in society it is increasingly involved in decision-making and creative work.

Given this speed of change, the world that today's students will face in 2036 is likely to go far beyond current imagination. AI will no longer be a simple tool but a partner that collaborates with human thinking. Social structures and job categories will also change significantly. This raises a fundamental question: What direction should education take to prepare future talent?

Three priorities stand out. First is creativity-centered education. Even as AI advances, human creativity and deep understanding of people will remain difficult to replace. The ability to define new problems and devise original solutions belongs to humans. Users of all technologies are people, and only humans can recognize discomfort in use. Such discomfort becomes the starting point of new problems and future innovation. Education must therefore move beyond the transmission of knowledge toward cultivating the ability to ask questions and identify problems.

Second is strengthening collaborative capacity. Cooperation has always mattered, but its meaning is expanding. Future societies will require not only collaboration among people but also between humans and AI. Students must learn to treat AI not as a mere tool but as a partner in collaboration and to use it effectively. Competitiveness will depend not only on individual ability but also on the capacity to work with AI. This requires a shift in perception, seeing AI and robots as collaborators. At the same time, collaboration among human decision-makers must not be neglected.

Third is global competence. Technological progress is lowering barriers between countries, while the influence of large corporations is growing. Companies increasingly operate beyond national borders, and their roles are expanding beyond the economy into areas such as security.

In the ongoing war between Russia and Ukraine, the role of Starlink, Elon Musk's company, has been decisive. A similar trend is evident in conflicts involving the United States and Iran, where private firms such as Palantir Technologies and Anthropic are known to play significant roles in operational planning and targeting processes. Future talent will no longer be confined to a single country but will operate on a global stage. Understanding diverse cultures and values and developing the qualities of global citizenship will be essential.

Based on these directions, the content of education must also change in three areas. First, schools must cultivate the ability to discover and define problems. Traditional classrooms focused on delivering knowledge should give way to process-oriented learning, where students pose questions, explore issues and seek solutions. Project-based learning offers one alternative.

At KAIST, a program launched last year allows students to propose and define problems themselves and receive research funding to address them. Known as the Problem Definition to Solution Program, it began at the suggestion of student representatives. The results have exceeded expectations, demonstrating what meaningful education can achieve.

Second, the ability to use AI must become central. Students should not only understand AI but also apply it skillfully. All subjects should incorporate AI-based learning and practice so that students can use it as naturally as part of their own capabilities. This will require bold innovation in both curricula and infrastructure.

Some argue that AI disrupts education or makes it harder to design exams. Such views reflect thinking rooted in the pre-AI era. In today's environment, the ability to use AI is itself a core competency. Ex...

The author is the chief editorial writer at the JoongAng Ilbo.

Korea's responses to the first oil shock in 1973 and the second in 1979 differed sharply. During the first crisis, the Park Chung Hee government relied on administrative power to suppress prices. Officials spoke of tackling inflation "like swatting flies one by one." Yet price controls proved ineffective. Even under a strict authoritarian system, the government could not overcome market forces. Consumer prices surged 24 percent in 1974 and 25 percent in 1975.

A critical misstep came in late 1974, when policy shifted from stabilizing prices to stimulating growth. It was a hasty decision. Facing public unease after the Yushin system — an authoritarian constitutional overhaul introduced in 1972 that effectively enabled Park to extend his rule indefinitely — Park sought to ease sentiment through expansion. The administration remained fixated on rapid growth, repeating slogans such as $10 billion in exports and $1,000 per capita income. Funding shortfalls were covered by issuing money through the central bank, increasing government debt. This fueled chronic inflation. Oil money from Middle East construction projects further expanded liquidity in the late 1970s, inflating housing and stock prices before the second shock struck with even greater force.

During the second crisis, the government chose a different path. Economic officials including then-Deputy Prime Minister Shin Hyun-hwak pushed through stabilization policies. It was a reversal of three decades of growth-first strategy. Authorities tightened liquidity, reduced fiscal spending and restrained wage increases. These measures were unpopular and imposed real hardship. The Chun Doo Hwan administration continued the austerity. Inflation fell to 3.4 percent by 1983. After enduring the pain, Korea broke free from decades of inflation, laying the groundwork for the late 1980s boom.

Had Korea continued to prioritize growth during the second shock, it might have fallen behind in Northeast Asia. Many Latin American countries pursued populist expansion during both oil crises, leading to debt crises in the 1980s. Repeated defaults and political instability followed, accompanied by persistent inflation. By contrast, Japan and Taiwan adopted restraint early, choosing stability over expansion. Japan rose to become the world's second-largest economy in the 1980s, while Taiwan was seen as a decade ahead of Korea at the time.

The Iran war has now triggered what could be seen as a third oil shock. Even after hostilities end, a return to previous conditions appears unlikely. International Monetary Fund Managing Director Kristalina Georgieva warned that damage to energy infrastructure, including significant losses in Qatar's natural gas facilities, could take years to repair. Once the conflict subsides, U.S. President Donald Trump is expected to resume tariff pressure, potentially targeting countries that disappointed Washington during the war. Rising prices and slowing growth appear inevitable.

Korea again faces a choice between growth and inflation control. The Lee Jae Myung administration appears confident it can achieve both, seeking to stimulate the economy through fiscal expansion while restraining prices through administrative measures. A similar approach during the first oil shock resulted in stagflation. Pragmatism must not deteriorate into ad hoc responses. Cost-push inflation driven by surging raw material prices has no quick fix. It requires reducing demand and absorbing excess liquidity.

Price controls may have short-term effects but are difficult to sustain. They risk sending distorted signals to the market. A cap on fuel prices, for example, may temporarily ease costs and gain public support, but it is ultimately a stopgap. The gap must be covered by fiscal spending, making it unsustainable. It is contradictory to cap fuel prices while urging reduced consumption through measures such as vehicle restrictions. Exce...

Rhee Chang-yong, the now former governor of the Bank of Korea (BOK), stepped down on Monday after completing his four-year term. During his tenure, the Korean economy faced a series of major shocks, including the Russia-Ukraine war, a domestic emergency martial law episode and the recent conflict in the Middle East. Reflecting on his term, Rhee said the past four years in their entirety went beyond what he had anticipated when he first stepped into the role. Even now, the economy remains in the middle of what is often described as a "three highs" crisis: high oil prices, high interest rates and high exchange rates.

But Rhee expressed greater concern about the lack of progress in structural reform than about these immediate challenges. Throughout his tenure, he released more than 20 reports urging reforms in education, labor and real estate to address low birthrates and slowing economic growth. In his farewell remarks, he warned that as the economic structure changes, it will become increasingly difficult to achieve stability and growth through monetary and fiscal policies alone. Rather than relying on short-term measures with only temporary effects, he argued, more fundamental solutions are needed, even if they require managing conflicts and adjusting entrenched interests.

His warnings regarding prolonged stagnation are not limited to the central bank. Both domestic and international institutions have raised similar concerns. The International Monetary Fund (IMF) recently projected that Korea's real GDP per capita, which was overtaken by Taiwan last year, will continue to fall behind. According to the IMF, Korea's per capita GDP is expected to reach $37,412 this year, compared to Taiwan's projected $42,103. While Korea has remained in the $30,000 range for 12 consecutive years, Taiwan, which surpassed that threshold only in 2021, is expected to break through the $40,000 mark first. The gap between the two economies is also forecast to widen further and exceed $10,000 within five years.

In the past, the BOK's reports on structural reform have often sparked debate over specific proposals. Critics have also argued that the central bank should focus more on its core mandate of monetary policy and price stability. However, there is little disagreement with the broader diagnosis that escaping the trap of low growth will be difficult without structural reform.

Rhee's repeated remarks underscore the urgency of the issue. It is notable that even the BOK, traditionally cautious about stepping beyond its remit, has felt compelled to advocate for structural change. Rhee's calls for action serve as a reminder that policymakers cannot depend solely on short-term tools to address deeper economic challenges.

The government and political leaders would do well to heed his warning. Without sustained efforts to reform the underlying structure of the economy, the prospects for long-term growth will remain limited despite any temporary gains achieved through policy intervention.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Lee Chan-kyu, Shin Hye-yeon, Michael Lee and read by an artificial voice.

Unification Minister Chung Dong-young rejected accusations that he leaked sensitive intelligence by mentioning the existence of a third North Korean uranium enrichment site in his first public comments on the controversy Monday.

"I was illustrating the gravity of the North Korean nuclear issue based on publicly available information, and it is deeply regrettable that this is being framed as a leak," he told reporters as he arrived for work at the Government Complex in Jongno District, central Seoul.

He added that he "finds it puzzling that this is a controversy now," pointing to past references to the enrichment facility in Kusong, North Pyongan Province, in reports by the Institute for Science and International Security and during his own confirmation hearing last year.

Chung was the first South Korean official to mention the existence of a third uranium enrichment site besides the already-disclosed facilities in Yongbyon, North Pyongan Province, and Kangson, Nampo, when he spoke to lawmakers on the National Assembly's Foreign Affairs and Unification Committee last month.

While Yongbyon and Kangson have been widely cited in open-source reporting, Kusong is considered more sensitive, and U.S. officials are said to have curtailed intelligence sharing, particularly satellite-based information related to North Korea, following its mention, according to multiple domestic media reports.

South Korean government officials say the restrictions were partial and not unprecedented, though the episode has raised concerns about friction within the alliance.

The issue has quickly escalated into a partisan clash, with the conservative People Power Party (PPP) calling for Chung's dismissal and warning of damage to Seoul's security cooperation with Washington, while the ruling Democratic Party (DP) has rallied to his defense.

PPP floor leader Song Eon-seog called the partial suspension of intelligence sharing "a disaster that had been foretold" after Chung had made remarks last year that signaled agreement with Pyongyang's claim that the two Koreas should be legally considered separate states.

"If Chung is not removed, a problem that could have been contained early will become much harder to control," Song added.

Another PPP lawmaker, Na Kyung-won, warned that South Korea "may detect activity at North Korean nuclear facilities or missile launches much later if the United States does not share even a single satellite image" and characterized Chung's disclosure "a serious act of self-harm to national security."

However, the DP has backed Chung's position that the information he mentioned was already in the public domain.

DP Rep. Park Jie-won, who formerly served as chief of the National Intelligence Service, said the existence of the Kusong site "was not unknown" in a radio interview on Monday, noting that it had already circulated in some media reports and on YouTube.

"The United States may have taken issue with the minister speaking about something not officially acknowledged, but there is no problem at all in the South Korea-U.S. alliance," he added.

DP Supreme Council member Park Ji-won, meanwhile, said the North Korean nuclear issue "should not become a matter for political infighting," stressing that "this is a grave issue affecting people's lives and the security of the Korean Peninsula and requires a levelheaded response" in a party leadership meeting in Boryeong, South Chungcheong.

"Chung's remarks only highlight the need for a phased approach to induce the North's denuclearization, starting with a halt in its production and enrichment of nuclear material," he added.

DP officials further argued that the accusations levied against the South Korean government by the PPP and its leader Jang Dong-hyuk risked undermining Seoul's standing in Washington.

"While there is a time and place by both the ruling and opposition parties to conduct diplomat...