Twenty-six years ago today, on August 25, 1999 (July 15, 1999), South Korea introduced a new plan for corporate reform to avoid falling into another financial crisis. South Korean President Kim Dae-jung met with the chairpeople of five major companies, including Hyundai, Daewoo, Samsung, LG, and Xianjing, as well as the presidents of major creditor banks, urging large enterprises to speed up structural adjustment and reach seven agreements. In order to make the Korean economy competitive in the world market, Kim Dae-jung asked large enterprises to change the previous huge conglomerate-style business mode, implement the independent operation of various series of enterprises, and turn their enterprises into world-class enterprises by strengthening their main industries. The main contents of the seven agreements reached by large enterprises, creditor banks and the government are: to complete the five agreements on corporate restructuring reached with large enterprises at the beginning of the year; to improve the leadership system of enterprises; to improve the operation and management system of financial enterprises and securities companies, and to strengthen government supervision; to curb circular investment among subordinates of large enterprises and cut off their improper business contacts; to prevent alternative inheritance and gifts; and to cooperate with the government, banks and large enterprises to ensure the completion of the above agreement. Kim Dae-jung stressed that "without fundamental reforms, South Korea may fall into financial crisis again". He called on large enterprise groups to self-discipline reform, and said the government would intervene directly or indirectly if necessary.