Gyeonggi Province Transition Committee Establishes 'Emergency Economic Response TF'...Swift Response to People's Livelihoods

[Suwon Ilbo=Park No-hun] The transition committee for the eighth-term Gyeonggi Province governor position is establishing an 'Emergency Economic Response TF' and launching the 'Gyeonggi Province Emergency Economic Response System' in full operation.

This is a measure taken as economic crisis has escalated with consumer price inflation reaching the highest level since 2011 and growing concerns over 'stagflation' due to global interest rate hikes, determining that swift emergency responses are necessary to stabilize the people's livelihood economy.

Governor-elect Kim Dong-yeon of Gyeonggi Province will personally assume the chairmanship of the Emergency Economic Countermeasures Committee to direct the TF.

The transition committee completed the TF construction on the 16th and plans to hold its first Gyeonggi Province Emergency Economic Countermeasures meeting at 2 p.m. on the 17th at Room 205, Future Hall of the Gyeonggi Province Human Resources Development Institute, with the governor-elect in attendance.

The 'Emergency Economic Response TF Operating System' is organized around the 'Emergency Economic Countermeasures Committee' directed by Kim, a former deputy prime minister for the economy, and consists of a cooperation structure between the Emergency Economic Response TF (transition committee) and the Emergency Economic Countermeasures Headquarters (Gyeonggi Province).

The head of the Emergency Economic Countermeasures Headquarters will be assumed by the acting governor, with the director of the Economic Affairs Bureau overseeing overall operations.

The Emergency Economic Countermeasures Headquarters consists of four divisions: ▲Economic and Employment Countermeasures Division ▲Small Business and Self-Employed Countermeasures Division ▲Corporate Countermeasures Division ▲Price Countermeasures Division, with participation from the Economic Affairs Bureau, Environment Bureau, Agricultural and Marine Resources Bureau, and Fair Trade Bureau. Economic-related public institutions including Gyeonggi Research Institute, Bank of Korea, Gyeonggi Credit Guarantee Foundation, Market Commerce Promotion Center, and Economic Science Promotion Institute have also been heavily involved.

The transition committee explained that as economic crisis has intensified due to disrupted global supply chains, prolonged Russia-Ukraine war, sharp interest rate hikes by the United States and other countries worldwide, and deepening financial instability at home and abroad, it determined that swift measures for livelihood stabilization and crisis response are necessary, prompting the emergency economic response system to be activated before the governor-elect's inauguration.

The 'Emergency Economic Response TF' focuses on minimizing the negative effects of rapid price increases.

The task designates timely support for industries, small and medium enterprises, and vulnerable groups heavily affected by surging prices of crude oil and raw materials, sharp depreciation of the won, and rising interest rates as the 'top priority,' with plans to implement measures as swiftly as possible.

Accordingly, the TF plans to review all possible measures including supply expansion, logistics improvement, financial support, burden reduction, and strengthened public-private cooperation.

To this end, the TF will conduct daily reviews of how inflation, interest rates, and exchange rates impact employment, small and medium enterprises, and vulnerable groups, and will establish and implement immediate, short-term, and medium-to-long-term countermeasures. When necessary, the TF plans to actively cooperate with the central government.

Meanwhile, in addition to this emergency response system activation, the transition committee plans to announce a 100-day plan containing comprehensive livelihood stabilization measures during its period of activity.

In addition, the committee plans to prepare industrial, corporate, and household measures with emphasis on vulnerable sectors and groups to respond to prolonged anxiety and crisis expansion, and to actively reflect them in provincial administration.