Kim Byung-ki Vows to Revitalize Regional Economies Through Active Fiscal Policy and Regulatory Reform

(Seoul=Yonhap Infomax) Nam Kyoung Hwang – Kim Byung-ki, floor leader of the Democratic Party of Korea, pledged on the 21st to "revitalize regional economies through active fiscal policy and regulatory reform."

Speaking at the party's Supreme Council meeting at the National Assembly on Thursday morning, Kim said, "The fiscal execution policy announced by Deputy Prime Minister for Economic Affairs Koo Yun-cheol is an important starting point for this effort."

Kim emphasized, "If unused budgets from both central and local governments are swiftly allocated to areas in need, they will serve as a crucial support for regional economies."

He added, "Expanding the scope of regionally restricted competitive bidding and enhancing the autonomy of local governments in public procurement are also in line with the broader trend of regulatory reform."

Kim further stated, "If major public institution investments are expanded to 69 trillion won ($58.3 billion), the impact of government policy will be significantly amplified," adding, "The Democratic Party will not neglect either regional economic recovery or regulatory reform."

He continued, "During the budget review and settlement process, we will thoroughly verify how actively the government has executed fiscal spending," and pledged, "This year, we will ensure fiscal resources are used in a timely manner and boldly eliminate unnecessary regulations. The government and public sector will continue to strengthen their roles until private and regional economic vitality is fully restored."

Earlier, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said at an economic ministers' meeting held at the Government Complex Sejong on the 19th, "We will maintain a sense of urgency through year-end and ensure that fiscal policy remains a solid anchor for the economy," adding, "Central and local governments will work together to minimize unused and unallocated funds and ensure fiscal resources are executed without delay in necessary sectors."

On the same day, the government announced a "public procurement reform plan" and a "plan to expand participation of local companies in local public corporation projects" to enhance local autonomy and stimulate regional economies.

Regarding this, Deputy Prime Minister Koo stated, "We will boldly reform public procurement to expand the autonomy of local governments and foster the growth of new industries," adding, "We will abolish the mandatory purchase of unit price contract goods by local governments during procurement seasons."

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nkhwang@yna.co.kr

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