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To: A. A. LaFountain III who wrote (43223)	2/25/1999 10:15:00 AM
From: DJBEINO	Respond to of 53903

02-26-99 : U.S. to monitor Seoul's steel, chip subsidies The United States will keep a close watch whether the Korean government provides hidden subsidies to its steel and semiconductor makers, U.S. Deputy Treasury Secretary Lawrence Summers said yesterday. During a news conference at the American Chamber of Commerce (AmCham) in Korea, he also warned that foot-dragging chaebol restructuring and labor unrest are delaying the economic recovery of Korea. "The United States has welcomed President Kim Dae-jung's commitment to openness and to doing away with directed lending, hidden subsidies and other unfair practices that have been such a stumbling block in global trade arena in past years," he said "But suspicion in this area will often be as damaging as hard proof. In the steel and semiconductor sectors, especially, it will be vital to put to rest any doubts that subsidies are continuing behind closed doors," he added. The visiting U.S. official made it clear that when the United States increased its capital contribution to the International Monetary Fund (IMF), it attached a precondition that the Korean government stop subsidies and directed lending to companies. The U.S. government maintains a stance that competition with foreign companies should be fair, and if the Korean government provides unfair support to domestic firms, such act will be subject to probe, Summers stressed. "Support is possible through changes in tax systems, even though it is not direct subsidy, and the United States will always watch if Korea provides such support," he said. However, Summers said that there is no evidence yet showing Korea has subsidized companies. He also called on chaebol to keep their pledges to reform, noting on the agreements on restructuring made between top five conglomerates and the government. Summers also warned Korea against complacency over signs of economic recovery for recent months. "The government's very success in addressing these problems and restoring economic stability means that to some extent the problems that it faces this year will be more one of complacency," he said in a speech preceding the news conference. At present, Korea is at the end of a tunnel of economic crisis, and entering into the recovery phase, he said. But the country cannot settle with optimism because restructuring problems and rising unemployment are emerging as new crisis factors, he cautioned. Summers, who arrived in Korea from Beijing Wednesday, is on a five-nation Asian tour to discuss the economic crisis in the region and trade issues. He left Seoul for Tokyo later in the day, winding up his two-day visit here.

To: A. A. LaFountain III who wrote (43223)	2/25/1999 11:32:00 AM
From: Carl R.	Read Replies (1) \| Respond to of 53903

Tad, when posting tables the best choice is to use the fixed font, but when using the fixed font version you have to manually insert the carriage returns. Otherwise you need an extra wide monitor to read it. <VBG> When you preview the post, note where returns are needed, then edit the post and insert them. If you do that you can get tables to line up, and also have a readable post. Thanks for posting, Carl