Gyeonggi Province Governor Kim Dong-yeon visited traditional markets on the 21st with Lee Jae-myung, leader of the Democratic Party of Korea, and Democratic Party lawmakers to listen to the voices of small business owners and expressed his commitment to reflecting the budget for local love gift certificates (local currency).
On the morning of the same day, Governor Kim, along with Lee Jae-myung, Democratic Party leader, Kim Seung-won, chairman of the Gyeonggi Provincial Party, and Lee Jae-jun, mayor of Suwon, visited Motgol Market and Yeongdong Market in Suwon to encourage merchants.
He then held a meeting with local merchants at Yeongdong Market to discuss national government support plans for local love gift certificates.
Governor Kim said, "The economy is very difficult. The livelihood situation is much tougher than the indicators show. Alleyway commercial districts, traditional markets, and small business owners are likely experiencing the hardships of daily life the most on the ground," adding, "It is very concerning and regrettable to see the government going in the wrong direction in many ways when it should be finding the right economic policy direction based on a proper understanding of the economy."
He continued, "In this situation, the government is implementing austerity measures under the guise of sound fiscal policy, but Gyeonggi Province has submitted an expanded budget to the provincial council with a 7.2% increase for next year," explaining, "Although the government submitted a budget to the National Assembly this year with the entire local currency budget cut, Gyeonggi Province has allocated 104.3 billion KRW for local currency next year."
He added, "Yesterday, I visited the National Assembly and met with the chairman of the Budget and Accounts Committee to discuss the government's wrong fiscal direction and requested support for Gyeonggi Province's budget," and said, "Gyeonggi Province will do its best to revive livelihoods and the economy. We would appreciate it if you could pay attention, raise your voices, and help correct the wrong economic direction and the future of the Republic of Korea."
Gyeonggi Province Governor Kim Dong-yeon (left) is smiling while talking with Lee Jae-myung, leader of the Democratic Party of Korea, who visited a traditional market in Suwon on the 21st. Photo by Gyeonggi Provincial Government
Leader Lee Jae-myung said, "We have been promoting local currency policies with the idea that money should circulate once in the region and then move elsewhere, but the current government keeps reducing the local currency budget. I don't understand why," emphasizing, "If the flow of money stops, the economy dies, and the government's economic policy is to keep money circulating. If the executive branch does not do this properly, you must step up and make them do it properly. Please tell us what is needed, and we will reflect it as much as possible in the next legislation."
Lee Chung-hwan, president of the National Merchants Association, said, "No one can deny that local currency has greatly helped increase sales in alleyway commercial districts during the COVID-19 pandemic," and argued, "As the Democratic Party is a party for the people’s livelihood, I think the local currency budget for next year should be set at least at 1 trillion KRW to prevent the collapse of traditional markets, alleyway commercial districts, and small business owners' foundations."
At the meeting that day, small business owners requested measures to revitalize local commercial districts, including ▲ expanding national funding to activate local currency as local government budgets are insufficient and local currency is being significantly reduced ▲ increasing the usage limit by supporting national funding since local currency greatly helps promote consumption ▲ extending the repayment period as some cannot close their businesses due to unpaid loans received during COVID-19.
The government did not include any budget for local love gift certificates in the 2025 budget proposal submitted to the National Assembly this year. On the 20th, the National Assembly's Public Administration and Security Committee approved next year's budget, including a new allocation of 2 trillion KRW for local love gift certificates, solely by the opposition party.
Gyeonggi Province allocated 104.3 billion KRW for local currency issuance in next year's budget. It will also implement projects next year with budgets related to small business owners and traditional markets, such as the nation’s first small business operating fund support card, the ‘Gyeonggi Small Business Owners HimnaeGO’ card (10 billion KRW), the Gyeonggi Province Big Sale to Revive the Economy (5 billion KRW), and discount coupons for Gyeonggi agricultural and marine products (20 billion KRW).
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