Incheon Secures 7.5 Trillion Won in National Funds This Year, Setting a New Record

Incheon City has ushered in the era of securing 7 trillion won in national funds.

On January 5, the city announced that it had secured a total of 7.5235 trillion won in national funds for this year, including 6.4735 trillion won in government subsidies and 1.05 trillion won in general grants. This represents a 9.5% increase from the previous year's national fund total of 6.8729 trillion won, setting a new record and marking the first time Incheon has surpassed the 7 trillion won threshold.

Government subsidies increased by 603.8 billion won (10.3%) compared to the previous year, significantly outpacing the central government’s overall expenditure growth rate of 8.1%. Notably, this year’s increase is 32.1% higher than the average annual increase of 475.1 billion won recorded between 2022 and 2025, making it a meaningful achievement given the current challenging fiscal environment.

Major projects include 114.2 billion won for the Incheon KTX line, 309.5 billion won for the GTX-B metropolitan express railway, 140.5 billion won for the extension of Seoul Subway Line 7 to Cheongna, 10.7 billion won for comprehensive development support for the five West Sea islands, and 16.1 billion won for congestion improvement between the Gongdan Overpass and Seo-Incheon IC.

National Fund Securing Status of Incheon City. Provided by Incheon City

The 1.05 trillion won in general grants also marks an all-time high. This is an increase of 46.8 billion won (4.7%) compared to the previous year’s 1.0032 trillion won, and the growth rate is higher than the 2.1% increase in the total general grant budget nationwide. General grants are core autonomous resources provided by the central government to local governments as a fixed portion of domestic tax revenue, and, like local taxes, can be used without restrictions on their purpose.

Incheon City explained that, despite difficult conditions such as three consecutive years of government tax revenue shortfalls and fiscal tightening, it has secured record-high levels of both government subsidies and general grants, thereby establishing a stable financial foundation. The city emphasized that this achievement was made possible by proactively seeking financial resources, including frequent meetings with key officials from the Ministry of Economy and Finance, central government agencies, and the National Assembly’s Special Committee on Budget and Accounts to explain the necessity of Incheon’s major projects.

Yoo Jeongbok, Mayor of Incheon, stated, “Despite challenging fiscal conditions both domestically and internationally, we have secured more than 7 trillion won in national funds through proactive administration,” adding, “We will use these valuable resources to promote citizen happiness and invest in key projects for Incheon’s future.”