Ruling Party, Government, and Blue House Say 'Further Decision' on Expanding Entry Ban... "Overcoming Crisis Together with China" (Comprehensive)

3.4 Trillion Won Invested in New Coronavirus Response... Tax Audits Deferred
Strict Crackdown on 'Mask Hoarding' and Fake News Enforcement

Lee Hae-chan, leader of the Democratic Party of Korea, and Chung Sye-kyun, Prime Minister, are attending a high-level meeting of the party, government, and Blue House on response to the novel coronavirus held at the National Assembly on the 5th. On this day, the party, government, and Blue House reviewed the quarantine situation so far and discussed quarantine measures and economic support plans. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporters Wondara and Jeon Jinyoung] The Democratic Party of Korea, the government, and the Blue House have decided to monitor the situation further before deciding on expanding the list of regions banned from entry into China. To prevent the spread of the novel coronavirus infection (Wuhan pneumonia) and minimize damage to businesses and self-employed individuals, they have agreed to utilize a contingency fund of 3.4 trillion won.

Hong Ik-pyo, the senior spokesperson for the Democratic Party, said in a briefing after the party-government-Blue House meeting held at the National Assembly on the morning of the 5th to prevent the spread of the novel coronavirus, "The party, government, and Blue House have agreed to overcome the crisis together with China during the response process to the novel coronavirus situation and strengthen the foundation for development." When asked if there was any discussion about expanding the entry ban during today's meeting, he replied, "There was none."

He added, "Since the entry ban and special management entry procedures for Hubei Province have been in place since yesterday, it is a matter to be judged after further monitoring." He continued, "It is a matter to be judged by observing the current government measures and the virus situation in China," and added, "We plan to monitor the opinions of quarantine authorities centered on the Korea Centers for Disease Control and Prevention and expert groups before making a judgment."

Earlier, the government announced a limited entry ban starting at midnight the previous day, restricting entry of all foreigners holding passports from Hubei Province or who have visited Hubei within the last 14 days. This prompted criticism from some quarters calling for an expansion of the entry ban regions.

However, the party, government, and Blue House stated, "We believe the spread of infection is not yet on an upward trend," and decided to use the contingency fund of 3.4 trillion won for quarantine and economic-industrial response.

Spokesperson Hong said, "Currently, there is a designated contingency fund of 2 trillion won and a general contingency fund of 1.4 trillion won," adding, "We plan to actively and appropriately utilize the total available contingency fund of 3.4 trillion won." He explained, "The Ministry of Health and Welfare's estimated required budget is about 130 billion won, with 28 billion won already spent," and added, "If support for the economic and industrial sectors is included, the amount is expected to increase significantly."

They decided not to prepare a separate supplementary budget bill. When asked if a supplementary budget would be prepared, Hong replied, "We judged that the contingency fund of 3.4 trillion won is sufficient to handle the situation," and said, "The supplementary budget was not discussed in today's meeting."

The party, government, and Blue House also decided to postpone tax audits for export companies, the tourism industry, and self-employed individuals to minimize corporate damage caused by the novel coronavirus situation. Along with this, they requested the government to extend national tax payment deadlines and collection for up to one year, defer customs duties related to exports, and refund export tariffs.

[Image source=Yonhap News]

Spokesperson Hong said, "We will conduct joint crackdowns and penalties on market disturbances and profiteering that exacerbate public anxiety, such as hoarding masks," and added, "We will also consider emergency measures." He continued, "We urged rapid and transparent information sharing and responses to fake news to prevent public anxiety,"

"and decided to hold biweekly meetings of ministers related to the novel coronavirus to monitor its impact and prepare support measures by industry and sector," he added.

Lee Hae-chan, leader of the Democratic Party, who attended the meeting, said, "It is especially important to establish economic policies in this situation," and added, "After talking with our lawmakers who met many small and medium-sized enterprises yesterday, they heard many requests to postpone tax audits for the time being. I hope the economic departments will review the postponement of tax audits."

Prime Minister Chung Sye-kyun said, "We will closely check not only Hubei Province but also surrounding areas and take necessary measures between the two countries." He added, "To minimize confusion in educational sites preparing for the new semester, we will prepare additional measures such as recommending a delay in school openings." He further said, "We will prioritize preparing support measures for export companies, the tourism industry, and small business owners who are expected to suffer direct damage."

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