Busan Mayor Park Hyung-jun has sharply criticized the Lee Jae-myung administration's move to designate Jeonbuk as a third financial hub, calling it "a regressive policy that will dilute South Korea's financial competitiveness."
"The financial industry is a quintessential cluster industry where asset managers, investment banks, credit rating agencies, global financial institutions, and specialized professionals must gather in one place to form an ecosystem," Park wrote on social media on May 26. "Having the National Pension Service alone does not automatically make a region a financial hub."
Park's remarks were a direct rebuttal to Democratic Party lawmaker Lee Won-taek, who argued that Jeonju deserves designation as the third financial hub because it hosts the National Pension Service, one of the world's three largest pension funds.
"Since its designation in 2009, Busan has spent 17 years barely breaking through the wall of capital region concentration to open up financial opportunities," Park said. "If Jeonbuk is additionally designated and institutions are divided up, Busan's financial ecosystem will collapse."
He added: "Sending a few financial institutions to Jeonbuk won't make it a financial hub. Ultimately, both Busan and Jeonbuk will die."
Park also criticized the administration's broader financial policies. Regarding Korea Exchange's planned transition to a holding company structure, he warned that "if pursued without clear regulations on headquarters location, core functions will likely migrate to the capital region, reducing Busan to an empty shell."
On the delayed relocation of Korea Development Bank to Busan, Park said: "It's like taking away a whale from Busan citizens and giving them anchovies instead."
"If the government is sincere about balanced regional development, it should stop dividing regions with political logic and enhance financial competitiveness through selection and concentration," he urged.
Park reaffirmed that Busan cannot become a maritime capital or global hub city without a strong financial sector. "As Busan's mayor, I will firmly oppose any government policy that blocks Busan's future," he declared.