Leading capital market experts from Korea's ruling and opposition parties credit the continuation of "value-up policies" across administrations as the key driver behind the KOSPI's surge past 5,000.
Rep. Oh Ki-hyung of the Democratic Party and Rep. Park Soo-min of the People Power Party said in interviews that consistent government and parliamentary efforts transcending partisan lines earned market trust, creating a virtuous cycle of capital inflows.
"The Democratic Party's capital market advancement policy is not a progressive policy but a market policy," Oh said in an interview at the National Assembly on the 19th. "We inherited and implemented what the Yoon Seok-yeol administration had prepared through detailed analysis of Japan's value-up policy."
Oh added that 80-90% of the Democratic Party's capital market policies originated from this groundwork. "Solutions for the capital market's role in innovative growth are not significantly different regardless of political affiliation," he said.
Park agreed. "The key factor for Korea's development even when administrations change is maintaining policy consistency," he said. "The first example of this is the value-up policy."
Park cited "experience" as the most essential element for leading capital market advancement. He noted that President Lee Jae-myung's personal stock investment experience from a young age contributed to the current government's capital market achievements.
Both lawmakers agreed that the National Assembly must transform into a "Prossembly" centered on expertise during this "era of great transformation."
"The National Assembly is a reflector of social demands," Oh emphasized.
Diverging Priorities on Legislation
While both lawmakers led their parties' discussions during the first Commercial Act revision, they diverged on legislative priorities.
Park advocated for expanding corporate incentives first. "Pressure on companies is too great, so we need to increase incentives," he said.
Oh took a different stance, suggesting the People Power Party appears to be considering corporate pushback against reforms.
Both acknowledged struggling to convince fellow lawmakers about value-up's importance. Oh said he "failed at internal persuasion" during the Moon Jae-in administration. Park expressed regret that reforms were "ultimately derailed due to resistance" during the Yoon administration.
On market conditions, Oh noted DRAM prices rose from $6 in October last year to $26 by February. "We were lucky," he acknowledged.
Park called for more market participants in policymaking. "When politicians and bureaucrats without market experience meet, there's virtually no way to understand the private sector," he said.
