Ruling Party and Government 'Harvest Season's Largest Ever Rice Volume, Market Isolation'

Jin Jeong-seok Leaves Facebook Post After Attending High-Level Party-Government Meeting on the 25th

Jung Jin-seok, Emergency Response Committee Chairman of the People Power Party (third from the left), is speaking at the high-level party-government consultation meeting held on the 25th at the Prime Minister's official residence in Samcheong-dong, Jongno-gu, Seoul. (Photo by Yonhap News)

[Asia Economy Reporter Kum Bo-ryeong] The People Power Party and the government have decided to isolate the largest volume of rice in history from the market during the harvest season to stabilize rice prices.

Jung Jin-seok, the emergency committee chairman of the People Power Party, stated on his Facebook on the morning of the 25th, following a high-level party-government meeting, "At this meeting, there was an in-depth exchange of opinions on urgent issues including measures to prevent the collapse of rice prices," and added, "We received a commitment from the government to 'isolate the largest volume of rice in history from the market during the harvest season.'"

Earlier, Chairman Jung explained at the high-level party-government meeting, "I want to emphasize the need to make early measures to stabilize rice prices," and said, "Currently, 370,000 tons of rice are isolated from the market, including 270,000 tons of oversupply and 100,000 tons for market stabilization. Nevertheless, rice prices in production areas continue to decline."

He also criticized, "The opposition party, leveraging its majority seats, is pushing through a revision of the Grain Management Act, which I see as highly populist and provocative."