Kim Dongyeon, Governor of Gyeonggi Province, stated that Gyeonggi Province has no fiscal issues in response to reports about the 'emergency fiscal mode' in Seoul and Gyeonggi.
On December 18, Governor Kim wrote on his social networking service (SNS), "Gyeonggi Province is different from Seoul," adding, "Gyeonggi Province has been recognized for its financial competence, winning the 'Korea Local Finance Grand Prize' for two consecutive years, including last year and this year."
He continued, "The Gyeonggi Province 'Fiscal Security Task Force' is a routine meeting body that has been operated as needed," and added, "Nevertheless, I want to make it clear that concerns and misunderstandings about our finances have arisen due to the Yoon Suk-yeol administration's disastrous economic management."
He also argued, "The main culprit behind the fiscal crisis is the Yoon Suk-yeol administration, dubbed the 'GDP killer,'" stating, "During its three years in power, it implemented tax cuts for the wealthy under the pretext of 'sound finance,' resulting in a tax revenue shortfall of about 100 trillion won. To make matters worse, the illegal emergency martial law caused a national loss of more than 1% of GDP."
Furthermore, he said, "Gyeonggi Province fully supports the expansionary fiscal policy of a government that upholds the sovereignty of the people," explaining, "During economic downturns, government spending should drive private consumption, and the central government's livelihood recovery consumption coupons were an emergency remedy that had to be used during the golden time. The consumption coupons even raised the GDP growth rate by 0.1 percentage points."
Governor Kim pledged, "Gyeonggi Province has single-handedly pursued expansionary fiscal policy for the past three years," and promised, "Now, as the 'number one partner in national affairs,' we will join hands with the new administration to vigorously open the path to recovery, growth, and progress."
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