Suwon Special City under 9th Civilian Government to Undertake Paradigm Shift in Financial Management

[Suwon Ilbo=Reporter Jung Jun-sung] Suwon Special City will undertake a paradigm shift in financial management to create future growth engines for the city and formulate financial strategies to enhance the quality of life for citizens.

The city will hold the ‘Financial Strategy Conference for Paradigm Shift in Financial Management under the 9th Civilian Government’ four times through next month, and broadly discuss all aspects of financial policy including medium- to long-term financial management direction and roadmap establishment methods.

At the first meeting held on the 7th at the office of Suwon Mayor Lee Jae-jun, financial experts including Koo Gyun-chul, professor at Kyonggi University's Department of Economics, Lee Hyun-woo, senior research fellow at the Gyeonggi Research Institute, Jung Jae-jin, director of planning and coordination at the Suwon City Research Institute, and Lee Wang-jae, vice director of the National Economy Research Institute, along with city department and bureau heads, attended to diagnose Suwon's financial status and structure.

The meeting objectively diagnosed Suwon's financial status, financial capacity limitations, and challenges facing the financial structure, and intensively discussed current issues and countermeasures including △strategic resource allocation △diversification of revenue securing △budget execution through prioritization and concentration based on diagnostic findings.

Based on the discussion results from this meeting, the 2nd to 4th financial strategy conferences will establish the ‘Suwon Medium- to Long-term Financial Management Roadmap.’ The medium- to long-term financial management roadmap is expected to be a substantive plan that proactively responds to changing domestic and external environments while focusing on enhancing citizens’ quality of life.

The roadmap will include △methods to keep promises with citizens and prioritize reflection of citizens’ rights and interests △plans to continuously promote ‘financial innovation’ to secure fiscal soundness △methods to secure revenue for a sustainable future.

Mayor Lee Jae-jun said, “Let us think about ways to efficiently utilize finances to prepare for Suwon’s future,” and added, “I hope the forthcoming financial strategy conferences will outline how finances will be utilized.”