The fact that the president of a South Korean bank has publicly expressed his personal economic views without going through the country's financial regulatory procedures is a huge provocation to the Ministry of Finance and the regulatory authorities.
Shortly after the president of the Bank of Korea delivered his speech, South Korean Finance Minister Hong and Vice Minister Kim Hee-cheol immediately came forward to state their position:
"In order to construct a new financial regulatory system, the South Korean government will pass a restructuring plan for the Financial Reform Committee and complete the establishment of the Financial Supervisory Committee this year."
"As for savings banks such as Bank of Korea, Seoul Bank, and Jinju Bank, new reform plans will be proposed for the operation of financial institutions and financial markets in South Korea."
"The South Korean Financial Reform Committee is committed to establishing a single financial institution, improving the regulatory efficiency of the Ministry of Finance, and maintaining the stability of the financial system."
“The statements made by investment banks, financial institutions, and leaders do not represent the position of the Ministry of Finance and the Financial Services Authority of South Korea.”
These words were tantamount to slapping the president of a South Korean bank in the face.
Even so, the president of the South Korean bank couldn't say much.
South Korea's overall stock index data is not good at the moment, and the new financial regulatory system is still under construction. The Ministry of Finance and the Financial Supervisory Authority are still their superiors.
If he dared to openly defy the Ministry of Finance and the Financial Supervisory Commission, that would be going against the South Korean government, and of course he wouldn't be that stupid.
Chen Dong obtained the research reports from various levels of the South Korean government as soon as possible. The reports also described the numerous news stories that had emerged in the South Korean media during this period.
The financial market sector is unstable, and many talented individuals in the political arena have been exposed for scandals by the media.
However, this is not uncommon in South Korean politics; it has almost become an annual practice.
Chen Dong treated these scandals as mere gossip.
Lin Zhiyuan asked curiously, "The South Korean Financial Reform Committee was said to be established last year, and in June of this year, they submitted a restructuring plan for the financial regulatory agency to the government."
"However, after this plan was submitted to the higher-ups, there was no further news."
"Later, he was still a member of the Financial Reform Committee. Unable to withstand the pressure from the Ministry of Finance, he publicly complained in the media. Only then did everyone realize that their so-called Financial Reform Committee was actually targeting the Ministry of Finance and the Financial Services Authority of South Korea."
Chen Dong's smile faded. "In other words, the purpose of establishing this so-called Financial Reform Committee is to set up a new financial regulatory agency, and the first thing this agency will do after restructuring is to break free from the regulatory constraints of the Ministry of Finance."
"interesting."
Annie brought Chen Dong a cup of coffee and added, "The reason why South Korea's financial market is chaotic is because the Ministry of Finance and the regulatory authorities are not independent."
"The so-called Financial Supervisory Commission was established to regulate the financial market, but this regulatory body is also subject to the supervision of the Ministry of Finance."
"This has led to a lack of independence in the financial regulatory system."
An efficient and sound financial regulatory body should be independent of the government's Ministry of Finance and the Hong Kong Monetary Authority, while also bearing the heavy responsibility of overcoming information asymmetry in the financial market and its susceptibility to external economic influences.
Zhou Huimin said with some concern, "The regulatory agencies in South Korea are chaotic, which does give us an opportunity to exploit."
"But the Asia-Pacific financial crisis also spurred their financial reform process. By then, they will have established a new regulatory system. Will we still have a chance to take action?"
Chen Dong looked at Zhou Huimin and asked seriously, "The Hong Kong Monetary Authority and the Ministry of Finance have cooperated perfectly and their supervision has been quite effective over the years, but they were still taken down by the Soros Group."
"So no matter how much South Korea improves its regulations, as long as we want to take action, we will have the opportunity."
At this point, Chen Dong's expression darkened. "Unless they dare to declare that South Korean banks and financial institutions are no longer subject to free market rules and are protected by their own country's financial management policies."
"But in doing this, aren't they just slapping the US in the face?"
"Let's wait a bit longer. Soros is currently in the Indonesian Rupiah market and doesn't have time to spare. Let's wait a bit longer," Chen Dong said leisurely, sipping his coffee.
At this moment, he put down all the documents, looked up, and saw that Afang had been standing next to him the whole time.
She hasn't said a word all day.
Chen Dong thought that he hired Afang to come to Longteng for two reasons: first, to repay her kindness, and second, to give her a bright future.
We can't just leave her here serving tea and water forever; that would be a waste of the young girl's time.
Thinking this, Chen Dong beckoned to Afang to come over.
"You'll be in charge of keeping an eye on the South Korean market for now. Whether it's news about government officials or the entertainment industry, you need to compile it and send it to my office, understand?"
Fang was flattered to receive such a big task and said, "This is related to Longteng's next move in the South Korean financial market. Are you really sure you can entrust it to me?"
"I trust you."
After Chen Dong finished speaking, he waved his hand and said, "Annie, take her to her workstation. As for the information on the Korean market, some things are urgent, some are less important, and some are less important. You can judge for yourself."
After seeing Afang off, Lin Zhiyuan joked, "What do you mean by tying that young girl up here?"
“What do you mean? I just feel that she has no future in that braised food shop. Bringing her to Longteng is to give her a job opportunity, let her see the world, and also to develop her abilities.”
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