"Reviving Local Businesses"... Gyeonggi-do to Issue 800 Billion Won in Local Currency This Year

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] Gyeonggi Province will issue 800 billion KRW worth of 'Gyeonggi Local Currency' this year.

Gyeonggi Local Currency is an alternative currency issued since April last year to revitalize the local economy. The issuance scale this year totals 800 billion KRW, including 287.7 billion KRW in policy issuance and 512.3 billion KRW in general issuance.

This amount is 61% higher than last year's issuance target of 496.1 billion KRW and 42.5% more than the actual issuance amount of 561.2 billion KRW.

To successfully expand the issuance of local currency this year, the province will promote ▲ continuous discovery of new policy allowances ▲ expansion of mobile easy payment ▲ customized promotion and activation support ▲ special events with 10% discounts during holidays, among others.

The province will first encourage the application and use of existing policy allowances such as youth basic income and postpartum care support, and discover new policy allowances with significant ripple effects to provide local currency. Considering changes in lifestyle patterns, it will also expand mobile easy payment methods and strengthen the expansion of excellent affiliated stores where local currency can be used, as well as operate professional marketers.

Additionally, it will promote a 10% discount event during holidays, hold special events related to local currency, and diversify promotional media and methods.

In particular, to revitalize the alley economy, which has been depressed due to the recent 'Novel Coronavirus Infection' (COVID-19), the province plans to cooperate with cities and counties to temporarily provide a 10% special incentive.

Jo Jang-seok, head of the Small Business Division of the province, said, "We will actively strive to stimulate consumption through Gyeonggi Local Currency to invigorate the alley markets and traditional markets, which are the capillaries of our economy," adding, "In response to the support from residents last year, we will continue to promote various policies and projects to activate local currency this year."

Meanwhile, in the 'Gyeonggi Local Currency Introduction Performance Survey' conducted by Gyeonggi Province in November last year, 68% of general residents and 63% of local currency affiliated store owners evaluated the local currency policy as 'well done.' More than half of the respondents (63% of residents, 51% of affiliated store owners) also answered that it would help revitalize the local economy.

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