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South Korea to Boost Services as Park Targets 4% Growth: Economy

South Korea will cut the tax burden for service industries and increase funding for start-ups as President Park Geun Hye aims to spur innovation and boost growth of Asia’s fourth-biggest economy.

The nation will roll back regulations in sectors from health to finance and education to spur competition, and aim to cut household debt that poses risks for the financial system, the government said in a statement today in Seoul. The government will also spend an extra 4 trillion won ($3.7 billion) by 2017 to help entrepreneurs.