Chosunilbo (English Edition), 19 Dec 2008
"A group of the financial, corporate and political leaders gathered there a while ago to diagnose the current financial crisis and prognosticate the post-financial crisis world. When a Korean participant asked Lee, who was presiding, about the direction of the Korean economy after the crisis and ways for it to survive competition with China, the answer was simple.
Korea has several clear strengths China is still missing, Lee said. First, it has the experience of being a member of the world economy for over 50 years while managing an outward-oriented economy. More time is needed for China to catch up with the experience and knowhow Korea has. Second, the human networks among businessmen, politicians, academic and cultural circles Korea has built are an important asset that cannot be achieved in a day or two. Third, Korea is clearly ahead of China in transparency, accountability and the rule of law, essential for the management of a market economy.
The Korean economy has many other advantages. One thing it should be wary of is xenophobia. So long as that continues to rear its head from time to time, some Korean achievements will remain dimmed. If it develops its advantages further and corrects the disadvantages, Korea will be able to cement its credibility in the international community and foster its international competitiveness."
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