Anchor: President Park Geun-hye and her economic advisory council held their seventh meeting at the top office to discuss deregulation measures. The president asked her officials to devise ways to make the South Korean economy more responsive to changes in the Chinese economy for their joint growth. The advisers, for their part, proposed establishing regulation-free zones for regionally select business items to grow into competitive industries.
Our Kim Eun-ji wraps up the meeting at the top office.
 
Report: President Park Geun-hye has called for effectively responding to changes in the Chinese economy, which is gradually turning domestic oriented.
 
Presiding over a meeting with the National Economic Advisory Council on Wednesday, President Park urged her officials to devise ways to promote joint economic growth with China.
 
The president stressed that the massive Chinese market still offers various opportunities for South Korea although its growth is slowing down.
 
Park urged officials to find ways to expand South Korea's export market on the back of the recently-signed free trade agreement with China.
 
The advisers called for flexible foreign exchange and monetary policies, citing instabilities in the Chinese economy and a possible rate hike in the U.S. as the biggest threats to the South Korean economy. 
 
At the meeting, the president and her advisory council also discussed deregulation measures to revive regional economies.
 
To help Park's signature 'Creative Economy & Innovation Centers' build business models utilizing local items, the council proposed establishing what they called “regulation-free zones” for two or three select regional business themes.
 
Specifically, the advisers asked for simplifying environmental impact assessment procedures when establishing urban high-tech industrial complexes, and allowing production facilities in medical clusters.
 KBS World Radio News