PRESIDENT’S NEW YEAR’S SPEECH

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In a New Year's address on Monday, President Moon Jae-in apologized for the government's failure to rein in soaring housing prices. He then vowed to prioritize increasing housing supply and shift from the previous policy focusing on curbing demand.

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A year ago, President Moon Jae-in pledged to bring housing prices under control and stabilize the housing market.

[Soundbite] PRES. MOON JAE-IN(JAN., 2020, NEW YEAR'S PRESS CONFERENCE) : "(In some regions,) housing prices surged steeply. They must be normalized."

A year later, the president has apologized to the public for the first time for the government's failure to curb home prices, even after announcing some 20 policy packages.

[Soundbite] "I apologize to the people disheartened and disappointed by the unstable housing market. We will be decisive in devising and introducing measures needed to stabilize housing."

Moon vowed to place top priority on increasing the housing supplies and quickly devise measures to achieve this goal. On the social front, he cited fairness as a key value. While touting as achievements the reform of government agencies in power and the legislation of economic and labor bills, he promised to answer the public calls for promoting fairness in all walks of life. The president, however, did not make remarks on a proposal to grant pardons to former presidents Lee Myung-bak and Park Geun-hye. As a way to improve the stalled inter-Korean relations, he stressed the principle of pursuing dialogue with North Korea. According to the president's plan, the two Koreas can achieve peace if they both respect the previously agreed three principles and obtain international support.

[Soundbite] "There is no change in our stance that the two Koreas can meet anytime anywhere, even via a non-contact manner."

However, he did not bring up his 2020 proposal to declare an end to the Korean War.