Dec. 23 (Asia Today) -- A survey commissioned by the Korea Employers Federation found that most experts view South Korea's regulatory burden on advanced and emerging industries as heavier than that of major competitors including the United States, Japan and China.
The federation said Tuesday it polled 219 experts on perceptions of recent regulatory innovation policies and key regulatory issues. It said 76.7% of respondents judged the level of corporate regulation affecting high-tech and new industries to be higher than in competing countries. Another 19.2% said it was similar and 4.1% said it was lower.
Asked what regulatory reform system is most needed to foster advanced and new industries, 61.6% favored shifting to a "negative list" approach, under which activities are generally allowed unless explicitly prohibited.
On the National Assembly's recent legislative activity, 46.6% said it does not help regulatory innovation, while 38.4% said it does and 15% said they did not know, the federation said.
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