Kim Dong-yeon: "Supplementary Budget is 'Oxygen Respirator' Saving People's Livelihoods...Support Swift Project Execution to Create Synergy"

[Suwon Ilbo=Reporter Kim Gapdong] Gyeonggi Province Governor Kim Dong-yeon stated, "We will do our best to quickly execute projects so that the supplementary budget pushed by Gyeonggi Province and the new government can serve as an 'oxygen respirator' saving people's livelihoods, enabling synergistic effects."

On the 10th at the Provincial Government Building, Governor Kim held a 'New Government Supplementary Budget Response Civil Economy Inspection Meeting' to share the status of government supplementary budget execution including people's livelihood recovery consumption coupons and to establish additional provincial measures to address blind spots in government policies.

Governor Kim evaluated the new government's confirmation of a 31.8 trillion won supplementary budget, saying "The new government took swift first steps in people's livelihood recovery and fiscal policy normalization. This is very timely."

He further stated, "The province implemented expansionary fiscal policies multiple times against the Yoon Suk-yeol government's fiscal austerity and also implemented supplementary budgets. From late last year, we proposed supplementary budget planning on a scale of 30 trillion won, and at the New Year's press conference, I spoke about the need for an 'oxygen respirator' and 'emergency blood transfusion' for the Korean economy and people's livelihoods. The new government confirmed a 31 trillion won supplementary budget just one month after taking office. This figure coincidentally matches Gyeonggi Province's thinking, making it even more welcome. Gyeonggi Province will align with this and create synergistic effects together, doing our best to care for the livelihoods of residents and citizens," he added.

Governor Kim instructed department heads to 'provide preemptive and meticulous support so residents can feel the effects of the supplementary budget and economic vitality can return to people's livelihoods' and to 'actively discover and pursue provincial civil economy recovery projects that can create synergy with the supplementary budget.'

Particularly regarding the people's livelihood recovery consumption coupon, he emphasized, "Speed is important. We must provide uninterrupted support for people's livelihood recovery consumption coupon applications and provide firm guidance so residents face no confusion. Please provide guidance that is easy for those unfamiliar with reading, making it directly usable, and actively promote consumption stimulation from the demand side rather than the supply side where needed."

He continued, "The Small Business Strength GO Card that we are proactively promoting is being expanded to the Biz+ Card that the Small and Medium Venture Business Administration is implementing. It is certainly commendable that the central government adopts policies from Gyeonggi Province and expands them nationwide. I am very pleased that various policies that Gyeonggi Province is implementing not only in people's livelihoods but also in welfare policies and social economy are being reflected in the new government's policies."

The Small and Medium Venture Business Administration recently announced the Biz+ Card policy that expands Gyeonggi Province's Small Business Strength GO Card, which could be used up to 5 million won per business, providing a maximum usage limit of 10 million won.

Governor Kim also emphasized, "Going forward, I hope the province will support the central government as the nation's primary partner, and further discover new blind spots ahead to show good results so the central government can adopt them and spread them nationwide."

In particular, he stated, "We are implementing supplementary budgets from the perspective of an 'oxygen respirator' and 'emergency blood transfusion' for people's livelihoods, but it is now time to seriously contemplate how the Korean nation will earn its living in the medium and long term. From that perspective, the province's role is very important. We must not only help create an industrial ecosystem that has international competitiveness and can be Korea's future growth engine, but also present new technology convergence and vision such as AI to traditional manufacturing industries. Please think about that aspect as well," he urged.

The new government's second supplementary budget of this year is worth a total of 31.8 trillion won, containing large-scale investments for economic stimulus and civil livelihood stabilization.

At the meeting, the 'people's livelihood recovery consumption coupon' was discussed as a practical civil livelihood support measure that residents can feel. Of the total project cost of 13.9 trillion won, it is estimated that Gyeonggi Province will receive 3.45 trillion won total, comprising 3.1 trillion won in national treasury and 350 billion won in local budget.

The province plans to organize and operate a dedicated task force (TF) for swift and smooth distribution of the people's livelihood recovery consumption coupons beginning the 21st for application and payment. The dedicated organization will be headed by the Administrative Vice-Governor, led by the Welfare Department, and comprised of 20 personnel organized into 5 divisions handling overall project management, execution management, and field response.

Subsequently, related to the new government's supplementary budget project implementation, the province reviewed its implementation status divided into the government's priority investment directions of economic stimulus and civil livelihood stabilization.

The government is expanding national treasury support for regional love gift certificates, providing support for issuing a record annual maximum of 29 trillion won. Accordingly, the province plans to raise the maximum recharge amount for Gyeonggi regional currency to 2 million won and increase the discount rate from the existing 6% to 7-10%.

In addition, the province is pursuing a plan to combine the discount coupons by linking the government's consumption stimulus discount coupon support project for five sectors—lodging, movie viewing, sports facilities, art exhibitions, and performing arts—with the 'Gyeonggi LIFE Platform.' The Gyeonggi LIFE Platform selects 100,000 people monthly and provides cultural consumption discount coupons up to 25,000 won per person in the fields of movies, performances, exhibitions, sports, and tourism.

Other items discussed include △temporary special youth monthly rent support △vacation expense support for small and medium enterprise workers △social insurance premium support for low-wage workers △AI expansion and infrastructure construction △livestock facility improvement and replacement cost support, among others.