National Growth Fund Approves 18 Trillion Won, But Execution Rate Stalls at 25.4%

◆아주경제 주요뉴스
▷National Growth Fund approves 18 trillion won, but execution rate stalls at 25.4%
- The National Growth Fund has approved investments totaling 18.03 trillion won as of the end of September since its launch in December last year, but the actual disbursement stands at only 4.58 trillion won, resulting in an execution rate of 25.4%.
- Among the total approved amount, large corporations accounted for 60.6% (10.93 trillion won), while mid-sized companies made up 27.5% and small businesses only 11.9%, indicating a concentration on large enterprises.
- Regionally, the capital area received approvals totaling 10 trillion won, representing 55.4% of the total, followed by Honam at 28.7%, Yeongnam at 7.9%, Chungcheong at 7.5%, and Gangwon & Jeju at 0.4%.
- Democratic Party lawmaker Han Min-soo criticized the low execution rate and the concentration on large corporations and the capital area, stating that the fund's purpose of supporting advanced industries, ventures, and regional growth has been undermined, and he called for improvements in the distribution criteria.

◆주요 리포트
▷Big Borrowing Economy vs. AI Economy [iM Securities]
- iM Securities forecasts that the global economy will enter a phase in 2027 where the risks of government and hyperscaler borrowing collide with growth momentum driven by AI investments.
- The expansion of government debt and funding for AI companies may highlight rising treasury yields and credit risks; however, high nominal growth rates driven by AI investments are expected to offset interest burdens, leading to a positive cycle between the borrowing economy and the AI economy.
- The growth rate of the South Korean economy is projected at 3.1% in 2027, driven by strong semiconductor exports and improved performance from semiconductor firms like Samsung Electronics and SK Hynix, which are expected to support the domestic economic cycle. Increased public construction investment is also identified as an additional growth driver.
- The prolonged AI investment cycle is anticipated to lead to long-term expansion in the U.S. economy, with a new economic paradigm centered on the 'token economy' based on AI and physical AI expected to take shape starting in 2027.
- The exchange rate is expected to show limited weakness for the dollar due to the Federal Reserve's interest rate freeze and narrowing interest rate differentials among major countries, while South Korea is likely to experience upward pressure on the won based on a current account surplus driven by the semiconductor boom.

◆장 마감 후(2일) 주요공시
▷CJ CheilJedang: Signed an investment contract to establish a joint venture with Archer-Daniels-Midland Company in the U.S.
▷Yuanta Securities: Decided to increase borrowings from financial institutions by 100 billion won for operational funding.
▷Samsung Biologics: Signed a contract for the consignment production of pharmaceuticals worth 93.48 billion won with a European pharmaceutical company.
▷Taeyoung Construction: Won a lease-type private investment project for the construction of a medical center in Busan worth 55.97 billion won from Busan Healing Planet.
▷Industrial Bank of Korea: Decided to issue 400 billion won in convertible bonds for operational funding.
▷Juyun Tech: Court grants a stay of execution on the delisting decision.
▷Samsung Heavy Industries: Secured contracts for two LNG carriers worth a total of 672.2 billion won from shipowners in Asia.

◆펀드 동향(2일 기준, ETF 제외)
▷Domestic equity: 3.1 billion won
▷Overseas equity: 116.9 billion won

◆오늘(6일) 주요일정
▷U.S.: Trade balance (August)

* This article has been translated by AI.