Kim Dong-yeon: "The Economy is Struggling Greatly...Gyeonggi Province Will Do Its Best to Help Livelihoods"

[Suwon Ilbo=Reporter Kim Gab-dong] Gyeonggi Province Governor Kim Dong-yeon visited traditional markets on the 21st with Lee Jae-myung, leader of the Democratic Party, and other National Assembly members from the Democratic Party, listening to the voices of small business owners and expressing his determination to reflect regional love gift certificates (regional currency) in the budget.

On that morning, Governor Kim, along with Democratic Party leader Lee Jae-myung, Policy Committee Chair Jin Sung-jun, Gyeonggi Province Democratic Party Chair Kim Seung-won, National Assembly members Kim Young-jin, Kim Jun-hyuk, and Yom Tae-young, and Suwon Mayor Lee Jae-jun, visited Motgol Market and Yeongdong Market in Suwon to encourage merchants.

Subsequently, a roundtable discussion was held at Yeongdong Market to discuss measures for national treasury support for regional love gift certificates. The discussion was attended by on-site visitors, as well as Lee Chung-hwan, chairman of the National Merchants Association, Choi Geuk-ryeol, chairman of the Jidong Market Merchants Association, and Lee Sang-baek, chairman of the Gyeonggi Province Small Business Owners Association.

Governor Kim said, "The economy is struggling greatly. People's livelihoods are in much more difficulty than the statistics indicate. Those in alley shops, traditional markets, and small business owners are experiencing the greatest difficulties in people's livelihoods in the field," and added, "The government needs to find the right direction for economic policy within a proper economic understanding, but it appears to be going in reverse in many ways, which is deeply concerning and regrettable."

He continued, "While the government is pursuing austerity in the name of sound finances in this situation, Gyeonggi Province submitted an expanded budget with a 7.2 percent increase for next year to the provincial assembly. Although the government submitted the regional currency budget with a full cut to the National Assembly this year, Gyeonggi Province has allocated 104.3 billion won for regional currency next year."

He added, "I visited the National Assembly yesterday, met with the chairman of the Budget and Accounts Committee, discussed the government's flawed fiscal direction, and requested support for Gyeonggi Province's budget. Gyeonggi Province will do its best to revive people's livelihoods and the economy. I would appreciate it if you would show interest, voice your opinions, and lend your strength to correct the economy's wrong direction and the future path of the Republic of Korea."

Leader Lee Jae-myung said, "I have continued to pursue regional currency policies with the idea that money should circulate once in the region and then go elsewhere through regional currency, but the current government continues to cut the budget for regional currency. I don't understand why," and said, "When money stops flowing, the economy dies, and making money circulate is what government economic policy should do. If the administration doesn't do it properly, you must step up and make it happen properly. If you tell me what is needed, I will reflect it in the next legislation to the fullest extent possible."

Lee Chung-hwan, chairman of the National Merchants Association, said, "It cannot be denied by anyone that regional currency helped much in improving sales in alley shops while dealing with coronavirus," and said, "As the Democratic Party, a party for people's livelihoods, I believe that next year's regional currency budget should be at least 1 trillion won or more to prevent the foundations of traditional markets, alley shops, and small business owners from crumbling. I earnestly request that you secure the regional currency budget and rescue merchants on the brink."

At the discussion, small business owners requested measures to revitalize local commerce, including "Due to insufficient local government budgets, regional currency is being scaled back considerably. Please expand national treasury support to activate regional currency more," "Since regional currency is providing considerable help in promoting consumption, please provide national treasury support to increase usage limits," and "I want to close my business, but I cannot because I cannot repay the loans I received during coronavirus. Please extend the repayment period."

The government did not include any budget for regional love gift certificates in the 2025 budget plan submitted to the National Assembly this year. On the 20th, the National Assembly's Administrative Safety Committee independently passed next year's budget plan, which includes the core provision of reflecting a new 2 trillion won budget for regional love gift certificates.

Gyeonggi Province has allocated 104.3 billion won for regional currency issuance in its next year's budget. The province also plans to implement projects next year by allocating budgets related to small business owners and traditional markets, including the 'Gyeonggi Small Business Owner Fighting Card' (100 billion won), the first card of its kind in the country to support small business owners' operating funds, 'Gyeonggi-do Big Sale' (50 billion won), and support for Gyeonggi-do agricultural and marine product discount coupons (200 billion won).