Against the tide

摘要

Privatisation was to be the hallmark of the administration of Lee Myung-bak, who became South Korea's president in February. This month he will at last unveil his plans to whittle down the number of state-owned companies to about 250 from 319. The government wants to sell more than 35 companies outright or in stages, abolish others and merge another 20. Mr Lee had hoped to sell even more state assets. But consumers' fears about price rises forced him to set aside the sale of electricity, gas and water companies.rnGlobal markets are in turmoil, the Seoul stockmarket is plunging and Mr Lee's approval ratings are not much above 25%. But his office, backed by an opinion poll in August, claims a majority of voters support the plan. South Korea's three biggest newspapers also all back his agenda of "small government and big market".