Interview with the British FT: “Entrance exam competition starting at age 6”
“Awareness of the problem is right” “Concerns about reverse discrimination”
Bank of Korea Governor Lee Chang-yong has proposed a bold solution to stabilize housing prices in Seoul: setting a cap on university admissions for students from wealthy areas such as Gangnam. He has raised the level of his remarks, following his call last month for the introduction of a regional proportional representation system for top universities.
On the 24th, Governor Lee said in an interview with the British Financial Times (FT) that the college entrance exam competition taking place in Gangnam and other areas of Seoul is driving up housing prices in the Seoul metropolitan area. Governor Lee said, “There is fierce competition among parents over private education instructors and college entrance exam coaches concentrated in Gangnam, Seoul,” and “This competition is driving up housing prices and household debt, accelerating regional inequality and population decline in local areas.”
He also pointed out that the current college entrance exam system is causing structural problems such as a decline in Korea’s potential growth rate. “The rich in Seoul send their children to private academies from the age of six to prepare them for college, while working women decide to stay home to educate their children,” he said. “This fierce competition is damaging the economy and making everyone unhappy.” He added, “World leaders praise Korea’s education system, but they are unaware of the reality.”
Earlier, on the 27th of last month, the Bank of Korea made an unconventional proposal to select freshmen in universities in proportion to the number of applicants from each region, saying that admission to top universities such as Seoul National University is determined by the financial power of parents. As Governor Lee gradually raises the level of his remarks regarding college entrance, the controversy is growing. There is a positive aspect in that it raises awareness of the current college entrance system and the concentration of students in the metropolitan area, but there is also criticism that it promotes reverse discrimination against specific regions such as Gangnam.
Even within the Bank of Korea, there are voices of discontent regarding the governor’s remarks, saying, “It is inconsistent with the Bank of Korea’s founding purpose of establishing monetary policy and promoting price stability.” The Bank of Korea has previously drawn opposition from some by suggesting that the minimum wage for care services should be differentiated and that imports of fruits and vegetables should be expanded.
Reporter Lee Dong-hoon [email protected]
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2024-09-25 17:13:57