State support for Asian firms should be scaled back, says Rhee
BoK governor believes structural reforms are also needed if region’s success is to be sustained
The governor of the Bank of Korea has said state support for business should be reduced in Asia to ensure the region’s contributions to global growth are sustained.
Speaking at a conference in Bangkok on March 5, Rhee Chang-yong said industrial policy should move away from directly supporting selected businesses. Instead, it should shift towards risk sharing with the private sector in the form of on-lending arrangements – whereby an entity borrows money and then lends it to others. “When
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