Park Yong-jin, vice chairman of the Regulatory Rationalization Committee, said "there are a considerable number of inconvenient regulations felt in people's daily lives and on the ground," adding that he would "lead regulatory rationalization that citizens can directly feel changing their lives."
In an interview with the Seoul Economic Daily at his private office in Gangbuk, Seoul, on Tuesday, Park repeatedly emphasized "public-facing" deregulation. As a prime example, he cited the case of "hot dog boys" at baseball stadiums. "Things that are allowed abroad are blocked by regulations in Korea, adding to public inconvenience," he said. "Beer boys who deliver beer to your seat are allowed, but hot dog boys, which are permitted in the United States and elsewhere, are not allowed in Korea — that's hard to accept," he added. His remarks underscored a commitment to prioritizing the elimination of irrational regulations in everyday life.
The Telegram message from Park that President Lee Jae-myung introduced at a recent capital markets meeting reflected the same spirit. The night before the meeting, Park sent Lee a Telegram message arguing that the T+2 settlement structure — where stock trade proceeds are settled two days later — should be shortened. The president immediately replied "OK." The shortened settlement period (T+1) was then officially announced at the presidential meeting.
However, Park pointed to bureaucratic inertia as an obstacle in the implementation process. "Bureaucrats still operate at a leisurely, unhurried pace," he said. "As a politician, I will directly reflect public demands and accelerate the pace of deregulation."
Park also said he would simultaneously deploy what he called a "left foot" — public-facing regulatory rationalization that resolves inconveniences in daily life — and a "right foot" — corporate regulatory reform that supports business activities and revives growth momentum. "It's no longer the time for policies that use only one foot. We need to use the whole pitch," he said. "Like Son Heung-min, we need to use both left and right feet."
The following is an edited Q&A from the interview.
— You were appointed vice chairman of the Regulatory Rationalization Committee, which has been elevated to prime minister-level status. Did you communicate directly with President Lee?
