[Anchor]

President Lee Jae-myung has ordered swift and bold measures regarding single-stock leveraged ETFs, which have been identified as a factor contributing to instability in the domestic stock market. He also emphasized the normalization of real estate issues and pledged to rationally reorganize the tax system.

Reporter Kang Cheongwan has the story.

[Reporter]

Presiding over a cabinet meeting this morning (July 21), President Lee Jae-myung noted that there have been criticisms that single-stock leveraged ETFs for companies like Samsung Electronics and SK Hynix, which were introduced to the domestic stock market, have exacerbated market instability.

[President Lee Jae-myung: It is true that (leveraged ETFs) have become a source of frustration for domestic investors.]

While acknowledging that leveraged ETFs have policy benefits in terms of advancing the capital market and stabilizing exchange rates, he noted that some view them as highly inefficient from an investor's perspective. He then ordered the swift implementation of supplementary measures announced by financial authorities last week.

[President Lee Jae-myung: I heard that the implementation is not immediate or early, but will take quite some time.]

[Lee Eog-weon/Chairman of the Financial Services Commission: Due to current IT system issues, we will expedite it as much as possible to start on August 5.]

[President Lee Jae-myung: In any case, market participants are demanding that such issues should have been anticipated in advance. Regardless, please take necessary response measures swiftly and boldly.]

The President also reaffirmed his commitment to resolving real estate issues.

President Lee stated that unearned income from real estate is one of the biggest problems hindering social integration and economic development in our society. He promised to not only prepare supply measures and support for actual homebuyers to resolve real estate issues but also to ensure that the tax system is reorganized rationally.

He added that he would listen to the voices of the public at the national public debate on real estate to be held the day after tomorrow and create feasible alternatives and countermeasures.

Reported by Jeong Sang-bo and Ha Ryung | Video by Jang Hyun-ki