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Purpose of stably inducing national investment
Voices of concern about disrupting the investment ecosystem
Loss of funds the government takes up to 35%
Possibility of speculation
Party administration and private financial institution ‘New Deal Meeting’ President Moon Jae-in is receiving a remote video report at the first Korean version of the New Deal Strategy Meeting held at the Blue House on the 3rd. Photographic reporters of the Blue House
The ‘National Engagement New Deal Fund’, which the government announced on the 3rd, is a driving force to successfully promote the ‘Korean version of the New Deal’. It also seeks to share results by allowing the public to participate in investment destinations that can earn stable returns while absorbing abundant market liquidity and inducing them to be productive. However, some point out that government benefits can be excessive and side effects can occur.
◆ ‘Political-type New Deal Fund’ 20 trillion won over 5 years … Separate taxation of 9% of dividend income up to 200 million won in ‘New Deal Infrastructure Fund’
The National Participation New Deal Fund is a ‘political-type New Deal Fund’ of a fund method for single mothers and children into which the government directly injects finances, the ‘New Deal Infrastructure Fund’ supported by the government through unprecedented tax benefits and the ‘Private New Deal’ that the government indirectly supports through system improvement. It is designed with three ‘bottom’ axes.
The policy-type New Deal Fund is a way in which the government and political financial institutions (Korea Development Bank and Listed Fund) take investment risks, and will be created with a total amount of 20 trillion won over five years through 2025. It plans to allow a wide range of investments in various forms, such as equity investments and loans in New Deal-related companies and New Deal projects.
Investment methods include stocks (including old stocks) and bonds, intermediate securities (convertible bonds, underwriting bonds, etc.), and loans. In particular, an ‘incentive structure’ has been established in which the parent fund created by the government and political financial institutions assumes an average of 35% of the subordinated investment and takes precedence over investment risks. For example, if there is a 30% loss on an investment of 100 billion won, of the remaining 70 billion won, 65 billion won of private investment is returned intact and the public sector retains 5 billion won. won.
Finance Commissioner Eun Seong-soo attends the first Korean version of the New Deal Strategy Meeting held at the Blue House on the morning of the 3rd and reports on the ‘new leap forward, New Deal Finance’. Newsis
The ‘New Deal Infrastructure Fund’ invested by private financial institutions and pension funds is a ‘political-type New Deal Infrastructure Fund’ with a ‘political-type New Deal Fund’ as parent fund and a private autonomous infrastructure fund (586 funds already in operation and new funds). Use and create. In particular, a strong tax benefit was applied by applying a separate low-rate tax of 9% to dividend income with a limit of 200 million won on investment for publicly offered infrastructure funds that invested more than a certain percentage (for example , 50%) in the New Deal infrastructure.
The government is also preparing measures to induce the dissemination of public offerings in which the general public participates in the infrastructure fund market. In order to revitalize the investment of the retirement pension infrastructure fund, the system will be improved to include bonds for private investment projects that the government and others guarantee the payment of capital and interest on the retirement pension investment. The purpose of the retirement pension, which is large and underperforming, opens the way for investing in the New Deal Fund. In addition, it is also considering the development of public offering infrastructure funds with a short duration of 5 to 7 years.
Major financial holding companies also decided to increase investment and credit support for related companies to keep pace with the Korean version of the New Deal. KB Finance decided to invest a total of 10 trillion won in eight projects, including ‘Green Smart School’, ‘National Safety and Social Indirect Capital (SOC) Digitization’, and ‘Green Remodeling’ among the top 10 tasks of the Korean version of the New Deal. Hana Financial Group decided to provide new direct and indirect investments and loans of 1.4 trillion won to the new digital deal and 8 trillion won to the new green deal. NH Nonghyup Finance announced that it will provide a total of 1.3 trillion won through loans and investments by 2025. Woori Finance held the ‘New Deal Financial Support Committee’ last month and decided to provide a total of 10 trillion won. in funding for the Korean version of the New Deal project for five years.
◆ Experts “The collection function is welcome … Concerns about disrupting the investment ecosystem”
Experts welcome the government’s role as a push to revitalize the investment ecosystem, but fear that the investment ecosystem will be disrupted if the government adopts a subordinated debt risk structure. The digital New Deal is a ‘high risk, high return’ structure due to its inherent high risk, but only some institutional investors who invest a lot of money or venture entrepreneurs who receive funds of funds can benefit from government risk.
Song Hong-seon, head of the Capital Markets Research Institute’s Pension and Funds Division, emphasized: “The government plays a role as a receptionist to expand the ecosystem, so we must look at it in a positive light. The question is, how quickly the ecosystem will create competitiveness. “
Experts also expressed doubts about the success of the New Deal Fund. Ahn Dong-hyun, professor of economics at Seoul National University, said: “Would you enter the New Deal Fund just because it gives you a little more than the yield on government bonds in a situation where stocks are accelerating? liquidity? ” He added: “It is only when the clear profit structure and the product maturity structure are determined to determine how attractive the product will be in the market,” he said. “It’s too early to talk about success with just a rough structure.”
On the other hand, a financial sector official responded to the ‘blood tax’ controversy: “The New Deal funds are primarily infrastructure funds, but infrastructure projects require large-scale financing over a long period of time. It is common to share the profits in the future ”.
Sejong = Reporter Woo Sang-kyu, Reporter Song Eun-ah, Kim Hee-won, and Lee Hee-jin [email protected]
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