▲ Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol speaks during the Emergency Economic Headquarters Meeting and the Economic and Structural Innovation Ministerial Meeting held at the Government Complex-Seoul in Jongno-gu, Seoul, on the morning of the 6th.
The management system for state assets worth over 1,400 trillion won is set to be completely redesigned.
The government plans to move away from the existing real estate-centric management system and build an integrated management framework that encompasses finance, intellectual property, and virtual assets.
During the Emergency Economic Headquarters Meeting and the Economic and Structural Innovation Ministerial Meeting presided over by Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol today (the 6th), the government discussed the agenda for the "K-Asset Innovation Project" containing these plans.
The core of restructuring the state asset management system is enacting a new "National Assets Framework Act" to replace the current State Property Act enacted in 1950.
While the past approach focused simply on the ownership or preservation of "state property," the initiative aims to shift the paradigm toward "national assets" centered on active management and value creation, comprehensively managing various types of assets.
As of the end of last year, national assets were largest in real estate at 711.1 trillion won, followed by securities and equity investments at 328.7 trillion won, and other asset types such as intellectual property recording the 300 trillion won range, including 2.3 trillion won.
As of April this year, virtual assets held by the central government amount to approximately 78.0 billion won.
The government plans to establish separate chapters for key asset groups that require customized management due to their physical and economic characteristics, thereby creating independent regulatory frameworks optimized for each asset's traits.
The control tower function of the Ministry of Finance and Economy, which oversees national assets, will also be significantly strengthened.
The government plans to expand overall coordination and management functions, such as enlarging the scope of entrusted tasks given to the Korea Asset Management Corporation (KAMCO) across ministries, and establish a tentatively named "National Asset Policy Council" to discuss organically linking and utilizing assets of local governments and public institutions that have different ownership entities.
To overhaul governance, the existing State Property Policy Delamination Committee will be expanded into the "National Asset Management Committee," and a "National Asset Responsibility Officer" system will be introduced across ministries to assign overall asset accountability.
Special exception systems, which have previously been operated mainly around real estate, will also be reformed by strictly specifying the principles for permitting exceptions in the framework act and substantially tightening pre- and post-controls.
Integration of asset information databases and the use of artificial intelligence are also being pursued.
Public asset information will be linked with dBrain within the year, and an AI-based dedicated database, tentatively named "K-Asset Cloud," will be newly established in the future to build a system that "matches" asset supply and demand annually.
The government plans to draft the National Assets Framework Act within the year through a public-private joint task force centered around the Ministry of Finance and Economy and the Korea Development Institute (KDI).
▲ National Asset Management System Major Transformation Project
(Photo provided by Ministry of Finance and Economy)
(Photo: Yonhap News)
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