On September 11, President Lee Jae-myung declared that the remaining four years and nine months of his term would be “a time of leap and growth,” unveiling plans for a “major shift toward productive finance” that would redirect funds concentrated in real estate into advanced industries and everyday economic sectors. He stressed that “the most crucial part of the shift to productive finance is normalizing the stock market,” citing the introduction of separate taxation for dividend income and maintaining the current threshold for major shareholders subject to capital gains tax.

At a press conference marking his first 100 days in office, President Lee highlighted his determination to boost the stock market. “People avoid buying stocks because they worry company executives might embezzle funds at any time,” he said, underscoring the need for amendments to the Commercial Act to restore market trust. Responding to criticism that revisions would stifle corporate activity, he argued, “It’s not about strangling companies. Rather, unscrupulous executives are pressuring minority shareholders. We need to protect genuine shareholders more strongly and ensure companies contribute more to the national economy.”

On tax reforms, Lee said, “The first priority should be to support revitalization of the stock market.” Regarding separate taxation of dividend income, he noted, “Whether the rate is 30 percent or 25 percent, the goal is to maximize dividend payouts as long as no losses are incurred. Adjustments can always be made if necessary.” On the threshold for major shareholders subject to capital gains tax, he remarked, “I don’t think the current 5 billion won standard necessarily has to be lowered to 1 billion won. If it hinders the stock market, there is no reason to cling to it.”

Conversely, Lee pointed out that “while real estate had once contributed to growth, it now blocks sound development.” He added, “The perception that investment equals real estate is still strong, but its end is near. We need to manage real estate prices stably for a soft landing.”

As a stabilization measure, he identified the need to curb “gap investment” financed by loans for jeonse deposits. “Buying a home with borrowed money while putting it on a jeonse lease drives up prices, reduces consumption capacity, and deprives young people of opportunities to buy homes,” he said. “To address this, we must constantly curb speculative demand and ensure effective housing supply.”

During a Q&A on inheritance and gift taxes, President Lee turned to Presidential Policy Chief Kim Yong-beom and instructed on the spot, “Since we are overhauling the tax code, we should also revise the inheritance tax law.” He directed officials to push for raising the deduction limit. During his presidential campaign, Lee had pledged to raise the inheritance tax deduction ceiling to as much as 1.8 billion won.

Lee vowed to maintain an expansionary fiscal stance. “Reversing the downward economic trend requires enormous energy,” he said. “We are implementing unprecedented budget increases and fiscal investments to spur growth and boost corporate profits, which in turn will grow the stock market.” On national debt, he said it was “an inevitable step to create a turning point.”

Regarding tariff negotiations with the U.S., Lee stressed, “We will never make a decision that goes against Korea’s national interest,” adding that “much more negotiation lies ahead.” Addressing criticism that last month’s Korea-U.S. summit ended without a joint statement, he said, “We went to defend against the U.S.’s unilateral tariff hikes. Why would we sign something that does not benefit us?”