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Acting president chairs meeting on deregulation

Acting President and Prime Minister Hwang Kyo-ahn on Wednesday hosted a meeting on lifting excessive regulations in local industries as part of a broader effort to stimulate economic growth.

The meeting is held annually, but it marks the first time Hwang has chaired the event after President Park Geun-hye was impeached by parliament earlier in the month over allegations that she allowed her close friend to wield influence on state affairs and engage in unlawful profit taking.

Officials from the Office for Government Policy Coordination, the Small and Medium Business Administration, the Ministry of the Interior, and the Financial Supervisory Commission participated in the gathering.

During the meeting, the prime minister's office called for reforms in public procurement policies for the first time in 21 years. It said the revision to related policies will permit more small and medium-sized businesses to participate in state projects.

The SMBA also announced a set of deregulation plans to bolster start-ups, including allowing food trucks to advertise outdoors, while providing more support to such businesses.

The ministry said it has selected 63 regulations that hinder the development of provincial industries such as youth hostels.

The FSC said it will reduce the red tape associated with applying for credit cards and permit borrowers to delay repayment of house-mortgage loans if they experience a short-term cash crunch. (Yonhap)