Rising Perceived Prices of Vegetables and More... Discussions on Stabilization
Improving Emissions Trading System to Alleviate Supply-Demand Imbalance
The government will announce the 'Kimchi-making Ingredients Supply Stabilization Measures' within this month ahead of the kimchi-making season. It will also improve the emissions trading system by expanding the emissions allowance carryover limit fivefold and allowing pension fund participation.
Kim Beom-seok, First Vice Minister of Strategy and Finance (second from right), is speaking about recent price trends at the Price-Related Vice Ministers' Meeting held on the 18th at the Government Seoul Office in Jongno, Seoul. Photo by Jo Yong-jun
On the 18th, Kim Beom-seok, the 1st Vice Minister of the Ministry of Economy and Finance, chaired the '46th Economic Relations Vice Ministers' Meeting and 34th Price Relations Vice Ministers' Meeting' at the Government Seoul Office, discussing ▲ implementation review of the Dynamic Economy Roadmap ▲ measures to establish a green virtuous cycle system through market function recovery ▲ and the status of price stabilization responses by ministries.
At the meeting, Vice Minister Kim stated, "Last month, consumer prices entered the 1% range, showing signs of a downward stabilization trend," and added, "Since the beginning of this month, the supply conditions for agricultural products have gradually improved, and domestic petroleum prices are also on a stable trend."
However, Vice Minister Kim noted, "There is uncertainty in international oil prices due to the Middle East situation, and prices of some items such as vegetables remain high due to the heatwave," adding, "We will not let our guard down and will do our best to stabilize the perceived prices." He further said, "We will increase supply by releasing up to 200 tons of cabbage per day, encouraging early harvesting, and importing fresh cabbage," and announced, "We will announce the Kimchi-making Ingredients Supply Stabilization Measures within this month in preparation for the kimchi-making season."
At the meeting, measures to improve the emissions trading system and strengthen the role of the Climate Response Fund were also discussed. Vice Minister Kim said, "We will support companies' free operation of emissions allowances by expanding the emissions allowance carryover limit from three times to five times the net sales volume," and added, "We will alleviate the structural supply-demand imbalance in the market through institutional improvements such as allowing participation of pension funds and asset management companies and introducing consignment trading." He also emphasized, "We will reorganize fund projects aiming to reduce 2.5 million tons of greenhouse gases by 2030 and continuously expand the scale of the Climate Response Fund to strengthen its role."
Vice Minister Kim also reviewed the implementation status of the 'Dynamic Economy Roadmap' announced in early July. He said, "Related ministries are preparing additional measures such as the '2nd Social Mobility Measures,' 'Continuous Employment Roadmap,' and 'Real Estate Project Financing (PF) System Improvement,' aiming for announcement within this year." Furthermore, "We will secure momentum for structural reform through strengthened communication with the field and systematic public discussions," he added.
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