President Yoon Suk Yeol said Thursday the ban on stock short selling will remain in place until measures are devised to resolve short selling's harmful effects on retail investors. Yoon made the remark while receiving the first government policy report of the year, which brought together the finance ministry, other relevant ministries, experts and members of the public to discuss issues under the theme "A vibrant economy for the people." "There are people who say short selling will be banned temporarily until June and the ban will be lifted after the elections, but that's certainly not the case," he said during the meeting held at a human resource development center run by the Korea Federation of Small and Medium Business in Yongin, 42 kilometers south of Seoul. "It will only be lifted when an electronic system that can completely remove the side effects is firmly established. If not, we will keep the ban in place," he said. The country's financial regulator imposed the ban in early November amid efforts to crack down on illegal short selling by global investment banks. The measure is set to remain in place through the end of June. Yoon was referring to speculation the ban was placed to curry favor with voters ahead of the parliamentary elections in April. Thursday's meeting was the first of around 10 briefings Yoon will receive from government ministries to mark the start of the new year and lay out policy goals. This year, the format has been changed to include experts and members of the public to take part in policy debates with the relevant ministries. Yoon pledged to deliver results on reviving the economy, including by increasing exports, attracting more foreign investment and winning more overseas orders. "This year again, the government will work to stabilize the people's livelihoods and ensure businesses can operate dynamically," he said. "This year we will remove regulations more boldly and more firmly." Meanwhile, senior presidential secretary for economic affairs Park Chun-sup said a series of recent tax cuts are meant to help revive the economy, and they will eventually lead to larger tax revenues. "Tax cuts aim at boosting consumption and vitalizing investment. If the economy recovers and growth strengthens, the government will be able to collect more taxes. Tax incentives will address revenue shortfall issues," Park said during an interview with public broadcaster KBS. Major tax relief measures include the extension of the tax cut on fuel consumption and easing rules on the capital gains tax for wealthy shareholders. On Thursday, the finance ministry vowed to push for offering greater tax incentives for corporate investment in research and development projects. Critics have said such measures will worsen the state fiscal situation amid a revenue shortfall. South Korea's tax revenue fell 49.4 trillion won during the first 11 months of 2023 from a year earlier due mainly to weak corporate activities and a prolonged slump in the property market. Source: Yonhap News Agency