Gwangju City and Council Join Forces to Stabilize Livelihoods and Overcome Economic Crisis

The 2nd Gwangju Strategy Meeting Held

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangju Metropolitan City and the Gwangju Metropolitan Council have joined forces to stabilize people’s livelihoods and overcome the economic crisis.

On the 27th, Gwangju City and the City Council announced that they held the ‘2nd Gwangju Strategic Meeting’ attended by Mayor Kang Gi-jung, City Council Chairman Jeong Mu-chang, chairpersons of each standing committee, National Assembly member Yoon Young-duk, and City Finance and Economy Advisor Ahn Do-geol.

This meeting was organized to establish reasonable standards and principles during the budget formulation and review process and to proactively respond to overcoming the regional economic crisis.

The attendees discussed agenda items including ▲establishing fundamental principles for smooth budget formulation and review ▲formulating the first supplementary budget for 2023 ▲stable and proactive debt management ▲joint efforts to secure national funds for resolving regional issues.

First, it was decided to regularize consultations between the city and the city council during the budget formulation and review stages.

All participants agreed that a rapid supplementary budget is necessary to timely respond to urgent financial demands such as stabilizing people’s livelihoods and overcoming the economic crisis. The city and the city council pledged to actively work towards an early supplementary budget in March.

Furthermore, despite difficult conditions last year, opportunities were created for Gwangju to leap forward as a city of opportunity by securing national funds for projects such as the ‘Phase 2 AI Cluster Development Project’ and the ‘Mudeungsan Anti-Aircraft Battery Relocation Project.’ Moving forward, efforts will be made together to diversify the fields for national fund discovery not only in local industries and social overhead capital (SOC) but also in culture, safety, environment, and humanities.

Additionally, it was agreed to jointly operate finances flexibly and elastically by maintaining fiscal soundness during normal times and expanding fiscal expenditures during economic crises to revitalize the regional economy and overcome economic challenges.

Chairman Jeong Mu-chang stated, “We will do our best for cooperative governance and coexistence to support the livelihoods suffering from the economic downturn,” and added, “We will actively cooperate in regularizing budget-related consultations and the early supplementary budget in March.”

Mayor Kang Gi-jung of Gwangju said, “Gwangju City and the City Council will prioritize stabilizing people’s livelihoods and overcoming the economic crisis and jointly prepare financial management strategies,” and emphasized, “We will proactively respond to overcoming the economic crisis through active fiscal policies.”

Meanwhile, the ‘Gwangju Strategic Meeting’ is a policy discussion platform involving key decision-makers of city administration such as the mayor, city council chairman, and city superintendent of education. Depending on the meeting topic, members of the National Assembly and private experts in relevant fields also participate.

Gwangju City aims to swiftly decide on major issues and secure momentum for implementation through organic cooperation via the Gwangju Strategic Meeting.