President Moon Jae-in delivered remarks as the lead speaker of the first session at the G20 Summit today. In his speech, President Moon briefed the participating leaders on economic policies of the new Administration of Korea looking to a human-centered economy. He also stressed the importance of efforts by G20 member states to work together to promote stable growth in the global economy and strengthen the free trade order. Also addressing the first session were leaders of major powers, including U.S. President Donald Trump, Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe.

In his remarks, President Moon said that in seeking a shift toward a human-centered economy, his Administration understood that existing policies had limits in resolving the problems of low growth and the socio-economic divide. The new economic policy can be summed up with three ideas: growth through job creation, a fair economy and innovative growth.

First is growth through job creation. If decent jobs are created, it could create a virtuous cycle in which increased household income boosts domestic demand and economic growth, which in turn leads to more job creation. To this end, the Government intends to take the initiative in creating jobs in public services sector and induce the private sector to increase job opportunities.

Second is a fair economy that guarantees equal opportunities and fair competition for everyone. The Government will enhance market monitoring to root out unfair transaction practices and improve unreasonable corporate governance structures. It will promote a grand compromise among labor, management and the government for the shared progress of employees and employers. The Government will also provide assistance to help reasonable practices of labor-management cooperation take firm root in businesses.

Third is innovative growth, which revitalizes the economy on the strength of creativity and a challenging spirit. Creative minds will be nurtured through educational innovation, and investments in new technologies such as the Internet of Things (IoT) and artificial intelligence will be expanded. In addition, the Government will enhance support for startups and reform the regulatory system to make sure that innovative ideas lead to startups and numerous new industries.

President Moon also enthusiastically welcomed the principle of strengthening “economic resilience,” which was prepared by the G20 to maintain the momentum of global economic growth. Stressing the need to fortify the global financial safety net in response to the threats to emerging economies from rapid flows of global capital and the subsequent aftereffects that spread to developed countries, the President proposed to more flexibly introduce and manage international rules related to the movement of capital.

Raising clear opposition to protectionism, President Moon strongly supported the G20’s endeavors to reinforce the multilateral trade system and expand the free trade order. Emphasizing the equitable distribution of the benefits of free trade, President Moon said the Korean Government also intended to actively provide assistance to minimize potential damage from free trade to small and medium-sized enterprises and the agricultural sector.