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  • National Assembly Speaker Cho Jung-sik Promises Effective Legislation for Citizens
    National Assembly Speaker Cho Jung-sik Promises Effective Legislation for Citizens Cho Jung-sik, the Speaker of the National Assembly, introduced the slogan for the second half of the assembly as 'A National Assembly Opening the Future with the People' on July 28. He stated, "I will lead South Korea's economic leap and create a National Assembly where citizens can feel its effectiveness." During his first press conference at the National Assembly's Sarangjae, Cho emphasized, "I will quickly put stalled legislation on people's livelihoods and reform back on track." He added, "Bills that pass through the standing committees and the Legislation and Judiciary Committee will be processed within the current session as a principle. I will not forget the people's mandate to create a working and productive National Assembly for a moment." Cho outlined four major visions for the assembly: national sovereignty, effective governance for citizens, future leap, and national interest diplomacy. Specifically, he announced plans to designate December 3, the day when the constitution and democracy were saved by the people's dedication, as 'National Sovereignty Day.' He also pledged to activate legislative fairs and petition systems to ensure that citizens' voices are effectively conveyed to the National Assembly. Regarding constitutional amendments, he stated, "I will soon launch a constitutional amendment advisory committee under my direct supervision to organize the roadmap and agenda for amendments. I will work with both ruling and opposition parties to establish a special committee for constitutional amendments, aiming to initiate discussions next year." He noted that next year is an opportune time for amendments as it is a year without elections, emphasizing that while constitutional amendments require patience, timing is crucial. Additionally, he proposed regularizing plenary sessions to enhance predictability and establishing a 'Legislation Processing Week' to expedite bills directly related to citizens' lives and safety. He promised to activate a 'Citizens' Welfare Legislation Council' to process welfare-related bills swiftly. To ensure future growth, Cho committed to timely legislation for advanced industries that will drive South Korea's economy, including AI, semiconductors, biotechnology, and K-culture. He emphasized the launch of a 'Committee for Economic Leap' to foster ongoing cooperation between the National Assembly and the business sector, creating an ecosystem where large corporations and small to medium-sized enterprises can grow together. He also mentioned plans for the Sejong Government Complex and the passage of the Special Act on Administrative Capital within the year to promote regional balanced development. Cho highlighted the importance of parliamentary diplomacy, stating, "To respond to the rapidly changing global situation, I will elevate parliamentary diplomacy as a key component of our national diplomatic strategy." He plans to establish a foreign affairs and security office, a think tank for national interest diplomacy, and a future foreign affairs and security strategy center to develop a strategic framework for parliamentary diplomacy. Regarding the ruling party's unilateral legislative actions and the opposition's repeated filibusters, he remarked, "While there are times when filibusters are necessary, their excessive use is not desirable. We should refrain from filibustering agreed-upon welfare and economic bills between the parties." He added that on contentious bills where the parties differ, "I will encourage both parties to negotiate and discuss patiently, but I will make bold decisions when necessary." * This article has been translated by AI. 2026-07-28 12:15:00
  • Mortgage Rates Rise for Second Consecutive Month as Fixed-Rate Loans Decline
    Mortgage Rates Rise for Second Consecutive Month as Fixed-Rate Loans Decline Last month, mortgage rates increased for the second consecutive month due to rising benchmark rates. As borrowers continue to prefer variable rates, the share of fixed-rate loans has decreased.According to the Bank of Korea's 'Weighted Average Interest Rates' report released on July 28, the weighted average mortgage rate for June was 4.36%, up 0.04 percentage points from the previous month. This marks the second consecutive month of increases following May.The rise in mortgage rates is attributed to increases in benchmark rates and the government-backed mortgage rate, which has risen for nine consecutive months, leading to a greater share of relatively lower-rate variable loans.The average interest rate for general credit loans also rose to 5.72%, an increase of 0.23 percentage points from the previous month. This was influenced by the rise in long-term bank bond rates and an increase in loans to mid- to low-credit borrowers by some banks.With both mortgage and credit loan rates rising, the overall household loan rate increased from 4.46% in May to 4.50% in June, a rise of 0.04 percentage points.The share of fixed-rate loans among all household loans fell from 24.6% to 22.7%. Similarly, the share of fixed-rate mortgages decreased from 41.6% to 37.7% during the same period.Lee Hye-young, head of the Bank of Korea's Financial Statistics Team, stated, "The increase in the share of variable rates is due to borrowers opting for them because they are relatively lower than fixed rates. Fixed rates include government-backed loans, so excluding those, the actual fixed rate level is likely higher."She added, "While the share of fixed rates based on new loans continues to decline, the decrease in terms of outstanding loans is not as significant. However, the ongoing decline in new loan shares should be monitored closely."Corporate loan rates also rose, with the corporate loan rate for June at 4.27%, up 0.14 percentage points from the previous month. Large corporate loan rates increased by 0.07 percentage points to 4.17%, while small and medium-sized enterprise loan rates rose by 0.23 percentage points to 4.38%.The overall bank loan rate, including household and corporate loans, rose to 4.31%, an increase of 0.12 percentage points from the previous month.Interest rates on savings deposits also rose, reaching 3.08%, up 0.15 percentage points due to increases in pure savings deposits and market-based financial products.As the increase in deposit rates outpaced the rise in loan rates, the interest rate spread based on new loans narrowed to 1.23 percentage points, down 0.03 percentage points from the previous month. The spread based on outstanding loans also decreased to 2.27 percentage points, down 0.01 percentage points.* This article has been translated by AI. 2026-07-28 12:10:00
  • Elderly Population in South Korea Exceeds 20% for First Time
    Elderly Population in South Korea Exceeds 20% for First Time Last year, the proportion of South Koreans aged 65 and older surpassed 20% for the first time. Meanwhile, the share of the working-age population, aged 15 to 64, fell below 70%, highlighting the ongoing demographic shifts due to low birth rates and aging.According to the National Data Agency's report on the '2025 Population and Housing Census' released on July 28, the total population as of November 1 last year was 51,817,000, an increase of 12,000 (0.02%) from the previous year. After two consecutive years of decline starting in 2021, the total population has now increased for three years.Two Elderly for Every Youth... Regional Disparity of 19 TimesBy age group, the elderly population reached 10,723,000, an increase of 601,000 (5.9%) from the previous year. Their share of the total population rose from 19.5% in 2024 to 20.7% last year, marking the first time it exceeded 20%.In contrast, the working-age population decreased by 393,000 (-1.1%) to 35,870,000. Their share of the total population also dropped from 70.0% to 69.2%. The working-age population has been on the decline since peaking in 2018.The youth population, aged 0 to 14, fell to 5,225,000, a decrease of 196,000 (-3.6%). The youth share of the population declined from 10.5% to 10.1%. The aging index, which indicates the number of elderly per 100 youths, rose from 186.7 to 205.2, surpassing 200 for the first time.The old-age dependency ratio, which indicates the number of elderly per 100 working-age individuals, increased from 27.9 to 29.9. The median age of the population, representing the age of the person in the middle of the age distribution, rose by 0.6 years to 46.8.There were significant regional disparities in aging. Jeollanam-do had the highest proportion of elderly at 27.3%, while Sejong had the lowest at 11.8%. Among the 17 cities and provinces nationwide, 10 areas, including Seoul, Busan, and Daegu, had elderly populations exceeding 20%.Of the 229 cities, counties, and districts across the country, 224 had more elderly than youth, an increase of eight from the previous year. The aging index was highest in Gunwi County, Daegu, at 1,385.5, while Sejong City had the lowest at 69.8, resulting in a regional disparity of nearly 19 times.Foreigners Drive Population Growth... Working-Age Share at 89.3%The overall population increase was primarily driven by foreigners. The number of South Koreans decreased by 54,000 (-0.1%) to 49,708,000, while the foreign population rose by 66,000 (3.2%) to 2,109,000. Foreigners now make up 4.1% of the total population.The share of foreigners in the working-age population is 89.3%, significantly higher than the 68.4% for South Koreans. Kyung Eun-sook, head of the Population Census Division at the National Data Agency, stated, “Foreigners are filling significant gaps in non-professional and seasonal labor.”Among the increase in foreigners, the number of international students rose by approximately 36,000, the largest increase. Seasonal workers increased by 22,000, and those on specific work visas rose by 18,000. The influx of foreign students to local universities and the expansion of seasonal labor in rural areas have contributed to population growth.Single-Person Households Reach Record 36.6%... Homes Over 30 Years Old Exceed 30%While the population growth was modest, the number of households increased rapidly. Last year, the total number of households reached 23,246,000, an increase of 249,000 (1.1%) from the previous year. General households rose by 0.9% to 22,495,000, while group and foreign households increased by 6.9% to 751,000.Single-person households reached 8,244,000, an increase of 199,000 (2.5%) from the previous year. Their share of general households rose to 36.6%, continuing an upward trend from 35.5% in 2023 and 36.1% in 2024. Combined, one- and two-person households accounted for 66.1% of all general households, totaling 14,868,000.In contrast, households with four or more members decreased by 16,300 (-4.6%) to 3,408,000. The average household size fell to 2.16 members, down 0.03 from the previous year and 0.18 from 2020. While four-member households were the most common in 2000, single-person households have held the largest share since 2015.Last year, the total number of housing units reached 2,018,100, an increase of 309,000 (1.6%) from the previous year. Apartments accounted for 1,328,900 units, a rise of 315,000 (2.4%), making up 65.8% of all housing. Single-family homes decreased by 12,000 to 3,830,000.However, the rate of housing growth slowed by 0.1 percentage points compared to the previous year. Kyung noted, “Typically, it takes about three to four years from the start of construction to occupancy, and the recent slowdown in construction rates has affected the housing growth rate.”The aging of housing has also intensified. Homes built over 20 years ago now account for 56.0% of the total, while those over 30 years old make up 30.6%. The share of homes over 30 years old is 60.3% for single-family homes and 22.2% for apartments. Regionally, Jeollanam-do had the highest percentage at 45.6%, followed by Jeollabuk-do at 40.5% and Gyeongsangbuk-do at 40.4%.* This article has been translated by AI. 2026-07-28 12:10:00
  • Financial Commission Reveals Criteria for Disclosing Low PBR Companies
    Financial Commission Reveals Criteria for Disclosing Low PBR Companies The Financial Services Commission and the Korea Exchange have unveiled the detailed criteria for the disclosure system targeting low Price-to-Book Ratio (PBR) companies, seeking public feedback. This initiative, known as 'Naming & Shaming,' aims to identify companies that have maintained low stock prices for an extended period without efforts to enhance their corporate value, with implementation set for November.On the 29th, the Financial Services Commission and the Korea Exchange announced the criteria for the low PBR disclosure system as a follow-up to the 'Capital Market Improvement Plan.' Companies will be identified based on their PBR, calculated semi-annually by market and industry. For KOSPI-listed companies, those in the bottom 25% of their industry will be disclosed, while KOSDAQ-listed companies in the bottom 10% will also be included if they meet these criteria for three consecutive years (six half-years).Industries are categorized into 11 sectors according to the Global Industry Classification Standard (GICS) to reflect structural PBR differences based on industry characteristics.For PBR calculations, net assets will be derived from audited financial statements in business and semi-annual reports. Market capitalization will be based on the average over the 20 trading days leading up to the disclosure date (the first trading day of May and November), using the date seven trading days prior as the reference point.In principle, companies that have been below the criteria for six consecutive half-years will be disclosed. However, to prevent temporary stock price increases from excluding companies from disclosure, if a company exceeds the criteria in one of the last six half-years, the previous half-year will also be checked. If it remains below the criteria, the company will still be disclosed.To avoid retroactive application controversies, an exception will be made for the first disclosure. If a company's PBR exceeds the criteria calculated on October 22 for the November disclosure, it will be excluded regardless of past performance.KOSDAQ will apply more lenient standards than KOSPI. The Financial Services Commission explained that the KOSDAQ market is currently undergoing restructuring and is characterized by technology and venture-focused companies, hence the lower threshold of the bottom 10% by industry.Companies that announce plans to enhance their corporate value will be granted exemptions from disclosure. If a company submits a corporate value enhancement plan that includes strategies for improving low PBR, in the format specified by the exchange, it will be excluded from disclosure for the following year (two half-years).However, this exemption will not apply to companies that have maintained low PBR for an extended period. If a company has been in the bottom 25% of KOSPI or the bottom 10% of KOSDAQ for a cumulative six years (12 half-years), it will still be disclosed even if it announces a corporate value enhancement plan.To ensure the effectiveness of corporate value enhancement plans, the exchange will prepare a separate format that includes 'cause analysis, goal setting, improvement plans, and implementation evaluation.' Additionally, a system will be established for companies to verify their past half-year PBR and compliance with industry standards.According to the exchange's simulations, approximately 120 companies (80 from KOSPI and 40 from KOSDAQ) will not qualify for exemptions, while around 220 companies (130 from KOSPI and 90 from KOSDAQ) will meet the disclosure criteria, representing about 5-10% of all listed companies.Low PBR companies will be disclosed on the first trading day of May and November through the Korea Exchange's disclosure website. Companies identified will also have the 'low PBR' tag displayed in securities firms' mobile trading systems (MTS).The exchange plans to conduct management interviews, briefings, and consulting for companies identified for disclosure. For smaller companies, support for PBR improvement consulting through external professional organizations is also being considered.Furthermore, the evaluation criteria for the substantive review process of delisting will include financial indicators related to shareholder value, such as PBR, and the stewardship code guidelines will incorporate institutional investors' involvement in enhancing corporate value for low PBR companies. However, PBR itself will not be added as a reason for initiating delisting reviews.The Financial Services Commission and the exchange will announce proposed amendments to exchange regulations and rules next week and will gather public opinions until the 24th. Following this, they plan to implement the first disclosure on November 2 after approval from the Securities and Futures Commission and the Financial Services Commission in September.* This article has been translated by AI. 2026-07-28 12:10:00
  • Labor Ministry to Inspect 1,000 Heat-Exposed Workplaces Amid Heat Wave
    Labor Ministry to Inspect 1,000 Heat-Exposed Workplaces Amid Heat Wave The Ministry of Employment and Labor will conduct intensive inspections of 1,000 workplaces vulnerable to heat, including construction, shipbuilding, logistics, and manufacturing sectors. Work outdoors will be halted when the perceived temperature exceeds 35 degrees Celsius, and all outdoor work, except for emergency operations, will stop when temperatures reach 38 degrees.Starting from August 3 to 14, the ministry will focus on inspecting these heat-exposed workplaces and high-risk confined spaces for asphyxiation incidents, as the heat is expected to peak following the end of the monsoon season.The ministry will primarily verify compliance with the 'Five Basic Safety Rules for Heat Waves.' These rules include providing cool water, air conditioning, breaks of at least 20 minutes every two hours, supplying cooling equipment, and reporting emergencies to 119.Labor Minister Kim Young-hoon has instructed the heads of 48 local offices to closely monitor the implementation of work stoppage measures based on heat wave stages. During a heat advisory, when the perceived temperature is above 33 degrees, work hours should be adjusted or outdoor work shortened. In a heat warning stage, with temperatures above 35 degrees, outdoor work should cease from 2 p.m. to 5 p.m., and in a severe heat warning stage, all outdoor work must stop except for emergency operations.Inspections will also address the prevention of asphyxiation incidents in confined spaces. Heat can lower oxygen levels and increase the risk of toxic gas exposure, raising the likelihood of asphyxiation accidents. The ministry will check compliance with three safety rules for confined space work, including measuring oxygen and harmful gas levels before work, ensuring adequate ventilation, and wearing respiratory protective equipment such as air masks.Following the intensive inspections, the ministry will operate a special task force for heat safety until September 30. They plan to continue on-site inspections and supervision, focusing on areas under heat wave warnings and workplaces at high risk for heat-related illnesses.This inspection aims to manage heat waves not merely as seasonal risks but as disaster situations that can lead to serious accidents. Sectors like construction, shipbuilding, logistics, and manufacturing, which involve outdoor work, high-temperature tasks, and heavy lifting, face heightened risks of heat-related illnesses. It is crucial for employers to reflect rest and work stoppage criteria in actual operational processes.Minister Kim emphasized, 'Heat waves should be regarded as disaster situations that threaten the lives and health of workers. Adhering to the Five Basic Safety Rules for Heat Waves and the work stoppage measures based on heat stages is the quickest and safest way to reduce exposure.'* This article has been translated by AI. 2026-07-28 12:05:00
  • Fines Imposed for Non-Compliance with Emission Control Device Inspections
    Fines Imposed for Non-Compliance with Emission Control Device Inspections The management of vehicles equipped with emission reduction devices will be strengthened. Owners who fail to undergo performance verification inspections will face fines based on the number of violations, and the exemption period for regular and detailed emission inspections will be shortened by vehicle type.The Ministry of Climate, Energy and Environment announced on July 28 that it will issue a legislative notice for amendments to the enforcement decree and rules of the 'Air Quality Conservation Act' from July 29 to September 8. This amendment is a follow-up to the Air Quality Conservation Act, which was enacted on June 9, and is set to take effect on December 10.According to the amendment, vehicle owners who have installed emission reduction devices or replaced engines with low-emission alternatives will be subject to fines if they do not undergo performance verification inspections.Owners of vehicles with emission reduction devices must complete the verification inspection within 45 to 75 days after installation. Failure to do so may result in fines of up to 1 million won imposed by the mayor or district head, along with an order to comply with the inspection.The exemption period for regular and detailed emission inspections for low-emission vehicles will also be reduced from the current three years to two years for passenger cars and one year and six months for vans and trucks. This aims to ensure early verification of the condition and performance of the emission reduction devices through inspections conducted within the warranty period.Management of certification testing agencies that verify the performance of emission reduction devices will also be strengthened. Agencies that are designated through false or fraudulent means will have their designation revoked immediately. Those who lend their names or fail to report significant changes may face a six-month suspension of operations and fines.Regulations on the return of low-emission engine parts will be eased. Currently, when scrapping vehicles or construction machinery equipped with subsidized low-emission engines, the entire engine and parts must be returned. However, in the future, only catalytic converters containing precious metals, which have high residual value, will need to be returned. The government believes this will reduce storage and transportation costs for parts and enhance resource recycling efficiency.Kim Jin-sik, head of the Air Quality Division at the Ministry of Climate, stated, "Through this amendment, we aim to ensure that the emission reduction performance of low-emission vehicles is thoroughly managed during actual operation while improving unnecessary regulations to reduce public inconvenience."* This article has been translated by AI. 2026-07-28 12:05:00
  • Labor Ministry Releases Comprehensive Guide for Youth Policies
    Labor Ministry Releases Comprehensive Guide for Youth Policies The Ministry of Employment and Labor announced on July 28 that it will release a comprehensive guide titled 'Easy-to-Understand Youth Policies.zip' to help young people easily access and apply for government programs.The guide, set to be distributed starting July 29, includes information on job support programs, labor and safety knowledge, work-life balance systems, the Youth New Deal, as well as housing, education, finance, and welfare. It features QR codes for each policy, allowing users to connect directly to relevant websites for easier application.The production involved the social enterprise 'Sosohan Communication' and youth advisors from the ministry. Sosohan Communication specializes in creating accessible information for marginalized groups, including those with disabilities. The ministry explained that the guide is designed to present youth policies in a way that resonates with young people's perspectives.The guide will be available on the ministry's website, as well as on platforms like Employment 24 and Ontong Youth. It will also be distributed in youth centers, public libraries, and study cafes frequented by young people.This guide aims to enhance the accessibility of youth policies. Even with numerous government support programs, if young people are unaware of them or do not understand the application process, the effectiveness of these policies diminishes. By consolidating scattered information into one resource and linking application pathways through QR codes, the initiative seeks to translate policy promotion into actual participation.Particularly, job seekers and young professionals often require simultaneous information on employment, housing, finance, education, and welfare. Presenting policies according to the stages of youth life and their needs, rather than by department, can increase their relevance and impact.Minister of Employment and Labor Kim Young-hoon stated, "It is as important to deliver the right information to youth at the right moment as it is to create good policies. Through this resource, we will continue various promotional activities to ensure that young people can easily access job policies and engage with them."* This article has been translated by AI. 2026-07-28 12:05:00
  • Accelerating Power Supply for Honam Semiconductor Industrial Complex
    Accelerating Power Supply for Honam Semiconductor Industrial Complex The government is launching a public-private working group to establish a power supply network for the Honam semiconductor industrial complex, aiming for operational readiness by 2030. The initiative seeks to expedite the permitting process in collaboration with local governments and regional environmental agencies to shorten the construction timeline for the first phase of power supply lines. On July 29, the Ministry of Environment and Energy will hold an inaugural meeting of the "Honam Semiconductor Industrial Complex Power Supply Working Group" in the Han River Flood Control Center in Seocho-gu, Seoul. Participants will include local governments, Korea Electric Power Corporation (KEPCO), Samsung Electronics, and SK Hynix. The working group was formed to refine the preliminary plan for the first phase of power supply, which was established on July 16 by the Ministry of Environment, the Gwangju Metropolitan City, and KEPCO. It includes representatives from Gwangju, Gwangsan District, and Jangseong County, as well as the companies expected to occupy the industrial complex, Samsung Electronics and SK Hynix. The government has previously outlined a plan to connect new supply lines from the 345 kV Shinjangseong and Shinkwangju transmission lines to the site of the industrial complex. The goal is to utilize areas around the Hwangryong River and local Route 49, exploring underground construction methods to complete the first phase of power supply by the end of 2029. During the upcoming meeting, participants will discuss specific power supply methods and the roles of each agency. There will be a particular focus on reviewing the permitting processes and cooperation required from local governments and regional environmental agencies to expedite the construction timeline. Both Samsung Electronics and SK Hynix, as power users, will also be involved in the working group. This collaboration is expected to help align the capacity and construction schedule of the supply lines with the actual operational timelines and power demands of the factories. The government plans to continue discussions on inter-agency cooperation and expedited permitting processes through the working group. Lee Won-joo, head of the Energy Transition Policy Office at the Ministry of Environment, stated, "This working group is an important opportunity to eliminate invisible barriers between agencies and establish a foundation for practical cooperation. The government will mobilize the capabilities of public institutions and private companies to ensure timely power supply to the semiconductor complex." * This article has been translated by AI. 2026-07-28 12:05:00
  • Handball Venue Groups Urge Cooperation for Asian Games Preparation
    Handball Venue Groups Urge Cooperation for Asian Games Preparation The handball venue at Olympic Park in Songpa-gu, Seoul, which was used as a ballot counting station during the June 3 local elections, has been under prolonged lockdown due to a shortage of ballot papers. In response, member organizations of the Korean Sports Council located at the venue have reiterated their appeal for access to their offices and the retrieval of essential materials.On the morning of July 28, these organizations held a press conference at the National Assembly's communication hall, alongside Rep. Kim Jae-won of the Justice Innovation Party, to issue a public appeal for cooperation from relevant authorities to expedite the normalization of their operations.The organizations stated, "We deeply empathize with the need for the National Assembly's investigation into important national matters and fully respect its purpose. However, the prolonged restrictions on office access have made it increasingly difficult for member organizations to carry out even basic administrative tasks necessary for sports governance."They emphasized, "Member organizations support national athletes, manage domestic and international competitions, oversee athlete and coach registrations and qualifications, facilitate international exchanges, and provide various public services related to sports administration in South Korea. However, the essential administrative equipment and documents are locked in our offices, severely hindering our ability to perform these critical functions, especially with the upcoming 2026 Aichi-Nagoya Asian Games preparations at risk."Additionally, they noted, "Delays in issuing performance certificates required for college admissions and employment are causing inconvenience and harm to athletes, coaches, students, and the public."The organizations earnestly requested safe access for their staff to the offices and the retrieval of essential administrative materials and equipment. They also urged that the process be conducted transparently to avoid undermining public trust in the management of ballot boxes and voting materials, and to prevent unnecessary misunderstandings, seeking cooperation from the National Assembly and other relevant agencies.Previously, the National Representatives Council of Coaches also expressed concerns in a statement released on June 30, stating, "The current restrictions on access to the Olympic Park handball venue are causing difficulties in the administrative operations of sports organizations, which in turn affects the preparation and support for national athletes in international competitions."Regarding the Aichi-Nagoya Asian Games, they remarked, "For many national athletes, winning a medal is one of the most important goals in their careers, representing years of training, sacrifice, injuries, rehabilitation, and perseverance. Even now, athletes are dedicating their youth to prepare for the honor of wearing the Taegeuk mark."They concluded by requesting attention and consideration to ensure that the training and preparations of athletes representing South Korea continue without disruption, stating, "The rights of the public and the challenges faced by national athletes are not opposing values but rather precious assets of South Korea that must be safeguarded together."* This article has been translated by AI. 2026-07-28 12:00:00
  • Han Byeong-do and Shin Jang-sik Confirm Commitment to Prosecutorial Reform
    Han Byeong-do and Shin Jang-sik Confirm Commitment to Prosecutorial Reform Han Byeong-do, the acting leader of the Democratic Party, and Shin Jang-sik, the new leader of the Justice Innovation Party, reaffirmed their shared goal of completing prosecutorial reform and addressing livelihood issues. The two parties announced their intention to discuss these matters collaboratively to expedite solutions for the public.During a meeting on the morning of July 28 at the National Assembly, Han and Shin agreed to establish a broader cooperative framework between their parties, emphasizing their shared history as comrades in overcoming the 12.3 emergency martial law and the light revolution to create a government of popular sovereignty.Han stated, "The Democratic Party and the Innovation Party are comrades who have shared joys and sorrows, and partners in leading social reform." He highlighted the role of the Innovation Party in advancing reform initiatives since the inauguration of the Lee Jae-myung administration.He urged Shin to work together to complete prosecutorial reform, including the criminal procedure law amendment set for discussion in the National Assembly on July 30. "The Innovation Party is striving toward the same goals of ensuring the success of the Lee Jae-myung administration, completing reform tasks, and restoring livelihoods. Let’s tackle the pressing issues together through a more extensive cooperative framework," he emphasized.In response, Shin recalled the formation of a joint election campaign committee in 2024 to support Lee Jae-myung's election, expressing his commitment to assist the Democratic Party in achieving prosecutorial reform. He noted, "The criminal procedure law is expected to be presented in the National Assembly, and a filibuster is anticipated. The Innovation Party will stand at the forefront, holding hands until the amendment is passed."Shin also stressed the urgency of advancing livelihood reforms following prosecutorial reform, suggesting that the leadership of both parties should meet regularly. He expressed confidence that they would work closely together for the success of the government of popular sovereignty and the reform agenda.Additionally, Han and Shin outlined plans for the participation of five ruling parties (Democratic Party, Innovation Party, Progressive Party, Basic Income Party, and Social Democratic Party) to select and promote key policy initiatives.After the meeting, Democratic Party spokesperson Park Hae-cheol told reporters, "We will urgently review livelihood policy tasks that need to be addressed, and the five parties will swiftly select and promote key policy initiatives."However, it was reported that Shin's request for political reform, made to National Assembly Speaker Jo Geun-sik on July 27, was not specifically discussed during the meeting.Innovation Party spokesperson Im Myung-hee stated, "Both parties significantly agreed on the completion of prosecutorial reform. We agreed to align our efforts until the end for prosecutorial reform and decided to focus on livelihood initiatives afterward. There was no mention of political reform."* This article has been translated by AI. 2026-07-28 11:55:00