Kim Dong-yeon: "Yoon Administration Swinging Fists with Wrong Economic Perception"

Gyeonggi Province Governor Kim Dong-yeon is taking a commemorative photo with the awardees after presenting plaques of recognition to meritorious taxpayers in the province on the 3rd. Photo by Gyeonggi Province

Gyeonggi Province Governor Kim Dong-yeon stated that the government should intervene minimally in the market economy, but currently, out of urgency or due to a mistaken economic perception, it is swinging its fist, and he is concerned that this may lead to bigger structural problems.

On the 3rd, to mark Taxpayer's Day, Governor Kim introduced a column titled "Visible Fist, Invisible Hand" published in the morning newspaper during the 2023 Meritorious Taxpayer Plaque Award Ceremony at the Gyeonggi Provincial Government Office, expressing his conviction about the market economy. The "visible fist" refers to the government openly intervening in the market, while the "invisible hand" refers to the basic principles of capitalism and market economy, where the market operates according to supply and demand.

Governor Kim said, "There are inevitable cases, such as prices for real estate with limited supply or labor provided by people, that cannot be left solely to market principles. Even in those cases, it is right for the government to intervene minimally to ensure the market operates according to its principles." He added, "The economy is currently difficult, but if our government, out of urgency or due to a mistaken economic perception, swings the visible fist, it could go against the good intentions of solving economic difficulties and bring about even greater structural problems."

He continued, "Gyeonggi Province will revitalize economic dynamism through entrepreneurship and business-friendly policies while creating a tight social safety net to provide opportunities for those struggling and vulnerable groups to recover." He promised, "To overcome the upcoming economic crisis, we must unite as one to ease various regulations that hinder business activities and foster an innovation ecosystem. Gyeonggi Province will take the lead in these efforts."

Furthermore, he expressed gratitude, saying, "I would like to thank the businesspeople who have faithfully and exemplary paid their taxes despite difficult economic conditions such as high inflation and sluggish exports, greatly contributing to local finances." He emphasized, "The taxes paid will be well utilized as valuable resources for Gyeonggi Province and to improve the quality of life of Gyeonggi residents, creating a center of change and an opportunity-filled Gyeonggi."

Meanwhile, at the event, 45 corporations representing regions recommended by mayors and county heads were invited among the 300 meritorious taxpayers selected this year.

The province selects diligent taxpayers annually who have no arrears as of January 1 and have paid four or more local taxes on time each year for the past seven years. Among them, those recognized for significant contributions to regional development upon recommendation by mayors and county heads are separately selected as meritorious taxpayers.

This year, the province selected a total of 207,750 diligent taxpayers. By region, Suwon City had the highest number with 22,812. In terms of proportion relative to population, Anyang City had the highest ratio with 2.3 per 100 people.