Jinseongjun "Economic Policy Direction Missing Tax Revenue Securing Measures... Tax Revenue Deficit Roadmap"

Minsheng Recovery Support Fund Act Must Be Passed in July Extraordinary Session
Consideration of Party Consensus After K-Chips Act Discussions

Jin Seong-jun, the Policy Committee Chair of the Democratic Party of Korea, pointed out on the 9th that the government's second half economic policy direction lacks measures for securing tax revenue. Regarding the livelihood recovery support fund that the Democratic Party is pushing for, he set a goal for its passage in July.

On the same day, Jin expressed his stance on the government's 'Second Half Economic Policy Direction' during a press briefing at the National Assembly. He first evaluated the government's policy direction positively, noting that the government raised this year's growth forecast to 2.6%, saying, "I think the target is appropriate." However, he criticized the government's dynamic economy roadmap and small business support policies as "insufficient," especially pointing out that "stable tax revenue securing measures are missing." Jin said, "Although the government anticipates a tax revenue shortfall, it did not present any countermeasures in the second half economic operation policy direction," and criticized, "Offering tax cuts to major shareholders and wealthy asset holders to revitalize the stock market is not a dynamic economic roadmap but rather a tax revenue shortfall roadmap."

He also expressed regret over the small business support measures, which are financial support plans without sales growth measures. Jin evaluated that some parts of debt adjustment and repayment period extension "reflect the parts that the Democratic Party has advocated and pointed out," but criticized that "there are no active fiscal measures to increase sales." Furthermore, regarding the small business support measures known to be worth 25 trillion won, he said, "Direct fiscal support is 1 trillion won, and financial support is 4 trillion won, totaling 5 trillion won." Regarding the support measures, Jin said, "We can discuss selective support that limits the support targets and differentiates the support amounts as much as needed," and added, "I hope the legislation will be passed through a swift bill review." Regarding the livelihood recovery support fund, he presented a timeline, saying, "Legislation should be completed during the July extraordinary session of the National Assembly."

Jinseongjun, the Policy Committee Chairman of the Democratic Party of Korea, is speaking at the floor strategy meeting held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

Regarding the so-called K-Chips Act, which strengthens support for the semiconductor industry and others, he said, "The Policy Coordination Committee of the Industry, Trade, Energy, Small and Medium Venture Business Committee will review the bill and decide whether to make it a party stance," adding, "If opinions on the need for a party stance are submitted, it will be discussed by the Policy Committee and then referred to the party caucus." He said, "Regardless of party stance, the People Power Party has also introduced a bill, and the government welcomes (the Democratic Party's bill proposal), so I expect the National Assembly review to proceed quickly."

In addition, regarding the proposal by Chu Kyung-ho, floor leader of the People Power Party, to raise the meal price and agricultural and fishery product gift price under the Enforcement Decree of the Act on the Prohibition of Improper Solicitation and Graft, also known as the Kim Young-ran Act, Jin responded positively, saying, "I think it can be considered."

Meanwhile, when asked whether to prioritize the amendment of the Labor Union and Labor Relations Adjustment Act, known as the Yellow Envelope Act, he said, "There is no priority." He explained, "The Chae Sang-byeong Special Prosecutor Act and the four laws for broadcasting normalization were urgently needed and thus prioritized, but other livelihood and economic bills do not have priorities," adding, "Once they pass in each standing committee, they should be gathered and passed in the plenary session."