Chinese are, in the popular imagination as well as some economic statistics, inveterate savers. According to the International Monetary Fund, the Chinese savings rate stood at an astonishing 46 percent in 2016, compared to a global average around 25 percent. Chinese planners have long sought to bring that ratio down in order to promote consumption and ease the economy’s overreliance on investment. If only Chinese would shop more, the thinking goes, China wouldn’t need to rely on smokestack facto

Three days remain until the July 14 deadline for setting next year’s minimum wage, which will be applied nationally.Labor groups demanded a 43.3 percent increase over this year to 10,790 won ($9.70) per hour. Even if that is just their initial offer for negotiation, it is exorbitant. They say that the “net” increase amounts to 32.6 percent because of a revised related law which requires the inclusion of bonuses and welfare benefits in the minimum wage. Still, it is steep. Employers demanded a fr

US Secretary of State Mike Pompeo’s visit to Pyongyang left one thing clear: There will be long and arduous work ahead to completely remove the threat of North Korea’s nuclear arsenal and other weapons of mass destruction. The only agreements the top US diplomat officially made during his two-day visit to Pyongyang last weekend was the establishment of working groups to discuss a denuclearization plan; working-level contacts on the shutdown of a missile engine test site; and talks on the repatri

While friends back home in the US set aside, for a day, their ever-expanding political differences to celebrate Independence Day, I am working in a high-rise above an Incheon business district with a birds’ eye view of Costco and Home Depot. It’s a literal and figurative opportunity to look at the American capitalistic spirit from afar, through the lens of Korean society.　America’s post-war industrial influence is evident here; the 10-lane wide highways are labeled with familiar red, white and b

Everybody knows how President Donald Trump asked for a Muslim ban in his campaign and at least some of us know his travel ban was no such thing. This country did, however, once have a Chinese ban –– people didn’t want them around for mostly bigoted reasons. Thank heavens the population of Asian-Americans from some 20 countries is now booming despite some lingering inhospitality.　We have to watch the generalities –– Asian-Americans are a diverse group and what counts ultimately is individuals --

The US imposed 25-percent tariffs on $34 billion worth of Chinese goods on Friday. Another $16 billion are expected to go into effect in two weeks. China retaliated immediately with the same tariffs on $34 billion worth of US goods. US President Donald Trump said he would consider imposing additional tariffs on $500 billion -- $200 billion first and $300 billion next -- in Chinese goods, should Beijing retaliate. Finally, a trade war kicked off. Trade conflict between the two superpowers threate

The Ministry of Strategy and Finance, which is in charge of making a tax code revision, essentially dismissed tax hike suggestions by a special presidential commission on fiscal reform a day after the panel had announced them. And the presidential office effectively confirmed the ministry’s position.It is absurd and irresponsible for the commission to have announced policy proposals that were not properly coordinated with the relevant authorities.The panel Tuesday suggested simultaneously increa

Was there a time when hearing the simple phrase “I’m proud of you” made a significant difference in your life?　My family was long on love and short on praise. There were smooches and hugs and pats on the head, but neither my older brother nor I recall that any of the relatives in the immediate family (about 119 of them) ever said, “I’m proud of you, kid.”　They could have said it in three different languages, too, given that the crowd spoke Italian, English and the French of the Quebecois. But th