Kim Dong-yeon: "Supplementary Budget is 'Oxygen for Livelihood'...Support Swift Project Implementation to Create Synergy"

[Suwon Ilbo=Reporter Kim Gab-dong] Governor Kim Dong-yeon of Gyeonggi Province stated, "We will do our best to implement projects swiftly so that the supplementary budget pursued by Gyeonggi Province and the new government can serve as an 'oxygen lifeline' for livelihood, creating synergy effects."

On the 10th at the Provincial Government, Governor Kim shared the status of government supplementary budget execution including consumer coupons for livelihood recovery and held a 'New Government Supplementary Budget Response Livelihood Economy Check Meeting' to prepare additional provincial measures to address blind spots in government policy.

Governor Kim evaluated the new government's confirmation of a 31.8 trillion won supplementary budget, saying "The new government has taken the first step swiftly in livelihood recovery and normalization of fiscal policy. It is very timely."

He continued, "The province has pursued expansionary fiscal policies multiple times against the Yoon Seok-yeol government's austerity measures and implemented supplementary budgets. From the end of last year, we advocated for a 30 trillion won scale supplementary budget, and at the New Year press conference, we spoke of the need for an 'oxygen lifeline' and 'emergency transfusion' for Korea's economy and livelihood. The new government confirmed a 31 trillion won supplementary budget just one month after launch. This figure coincides with Gyeonggi Province's thinking, making it all the more welcome," and added "By aligning with this and creating synergistic effects together, Gyeonggi Province will do its best to care for the livelihood of residents and citizens."

Governor Kim instructed the heads of government agencies to "proactively and carefully support so that residents can feel the effects of the supplementary budget and vitality returns to livelihood" and to "actively discover and promote provincial livelihood recovery projects that can create synergy with the supplementary budget."

Particularly regarding the livelihood recovery consumer coupons, he said, "Speed is important. Please support the application process for livelihood recovery consumer coupons without delay and provide firm guidance so residents face no confusion," and emphasized "Please guide carefully so those unfamiliar with reading text can easily use it, and actively pursue consumption stimulus from the consumer perspective rather than the supplier perspective where needed."

He continued, "The Small Business Go Card that we are proactively promoting is being expanded into the Biz Plus Card implemented by the Ministry of SMEs and Startups," and said "It is certainly encouraging that the central government has taken a policy that Gyeonggi Province pursued and expanded it nationally. I am delighted that various Gyeonggi Province policies in livelihood and welfare policy as well as social economy are being reflected in the new government's policies."

The Ministry of SMEs and Startups recently announced the Biz Plus Card policy, which expands Gyeonggi Province's Small Business Go Card, which can be used up to 5 million won per business, and provides up to 10 million won in usage limit.

Governor Kim also said, "Going forward, I request that the province, as the number one partner in state affairs, actively support the central government and further discover new blind spots first, demonstrate good results so the central government can adopt these and spread them nationally."

In particular, he said "While the supplementary budget is implemented from the perspective of an 'oxygen lifeline' and 'emergency transfusion' for livelihood, it is now the time to seriously consider how Korea will make a living in the medium to long term," and "In that respect, the province's role is very important. We must not only help establish an industrial ecosystem with international competitiveness and serve as Korea's future growth engine, but also present new technology convergence and vision for traditional manufacturing. Please consider that aspect as well."

The new government's second supplementary budget for this year totals 31.8 trillion won and includes large-scale investment in economic stimulus and livelihood stabilization.

At the meeting, 'Livelihood Recovery Consumer Coupons' were discussed as a livelihood support measure residents can practically experience. Of the total project cost of 13.9 trillion won, Gyeonggi Province is estimated to 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) to ensure swift and smooth distribution of livelihood recovery consumer coupons, starting from applications and distribution on the 21st. The dedicated task force, headed by the First Deputy Governor, is overseen by the Welfare Division and comprises 5 sections with 20 personnel handling overall business, execution management, and field response.

Subsequently, regarding the implementation of the new government's supplementary budget projects, the province's progress was checked, dividing into the government's main investment directions of economic stimulus and livelihood stabilization.

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

Additionally, the province plans to implement a plan to link the government's consumption stimulus discount coupon support project in five sectors—accommodation, movie theaters, sports facilities, art exhibitions, and performing arts—with the 'Gyeonggi LIFE Platform' and use discount coupons in combination. The Gyeonggi LIFE Platform selects 100,000 people monthly and provides consumption discount coupons in culture fields including movies, performances/exhibitions, sports, and tourism up to 25,000 won per person.

Other matters discussed included △temporary special support for youth monthly rent △vacation expense support for SME workers △social insurance premium support for low-wage workers △AI expansion and infrastructure establishment △livestock facility improvement and replacement cost support, etc.