Hong Nam-ki: "Criminal Punishment for Mask Hoarding... Considering Price Stabilization Act" (Comprehensive Report 2)

"Increase in Mask Supply Due to Special Overtime Approval"
Response Teams Activated for Food & Accommodation, Tourism, Transportation & Logistics, SMEs, and Self-Employed

[Image source=Yonhap News]

[Asia Economy Reporters Kwangho Lee and Sehee Jang] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 3rd regarding the hoarding of masks amid the spread of the novel coronavirus infection (Wuhan pneumonia), "The notice prohibiting hoarding includes criminal penalties."

After a meeting with related ministers on the response to the novel coronavirus at the Government Seoul Office on the same day, Deputy Prime Minister Hong told reporters, "We will respond strongly to those who cause disturbances or disruptions at the distribution stage."

He added, "123 mask manufacturers are cooperating well," emphasizing, "Some companies have applied for and received approval for special extended work hours, and companies are increasing production volumes."

The government plans to implement emergency supply adjustment measures such as the Price Stabilization Act if mask supply is seriously disrupted. He added, "We will start with preliminary measures under the Price Stabilization Act, and if cooperation is not forthcoming, we will respond within the legal framework."

The current "Price Stabilization Act" allows the minister in charge to designate the maximum price of specific goods to protect the livelihood of ordinary citizens and stabilize the national economy. If prices rise sharply and supply shortages paralyze supply-demand adjustment functions, the minister can implement necessary measures such as issuing instructions on supply and shipment through emergency supply adjustment measures.

Deputy Prime Minister Hong also said in his opening remarks that export support measures will be prepared within this month.

He stated, "We will prepare export support measures in February focusing on resolving management difficulties and diversifying markets," and added, "For industries concerned about damage such as domestic demand contraction, we will promptly prepare support plans including strengthening policy fund support and reducing operating costs for the industry."

He further expressed, "Considering the significantly expanded share of the Chinese economy in our economy, we will thoroughly analyze the impact on the Chinese and global economies by scenario," and "We will concentrate all capabilities to minimize the impact on the domestic economy."

Additionally, separate response teams will be activated by relevant ministries for export-related food and lodging industries, tourism, transportation and logistics, small and medium enterprises, and self-employed individuals expected to be affected depending on the transmission path.

Meanwhile, the meeting discussed ▲ measures to minimize economic impact ▲ analysis of the global, Chinese, and domestic economic impact ▲ trends in domestic and international financial markets ▲ and monitoring of the spread of the novel coronavirus.

This content was produced with the assistance of AI translation services.