Hong Nam-ki "Inducing Consumption Boom with Donghaeng Sale and Car Acquisition Tax Cut as COVID-19 Subsides"

"G20 Uijangguk and US Jaemujang-gwan Receive Letter... Proposal for Cooperation on COVID-19 Response"
"Sharing Korea's Successful Quarantine Model and Economic Response Model with Countries Worldwide"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance

[Asia Economy Reporter Kwangho Lee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 20th, "If it is judged that the COVID-19 situation has settled, we plan to stimulate consumption through the Korea Together Sale, reduction of the individual consumption tax on passenger cars, and five major consumption coupons."

At a foreign press briefing on the same day, Deputy Prime Minister Hong stated, "We are preparing measures from now on not only for damage support and employment stability but also to maximize deferred consumption and investment after the situation calms down."

He also mentioned, "We will expand investment through the operation of a 100 trillion won investment project in 2020, regulatory reform, revitalization of new industries, and full-scale reshoring of domestic companies, and actively respond to the expected global value chain (GVC) restructuring after the COVID-19 situation."

He then introduced the government's prompt response, explaining, "Since early February, we have prepared measures three times and are currently implementing measures worth 32 trillion won."

Additionally, he said, "At the first meeting yesterday, we announced a nationwide financial crisis response program worth 50 trillion won to support small and medium-sized enterprises and small business owners financially and to stabilize financial markets such as stocks and bonds," adding, "Along with the Korea-US currency swap (60 billion dollars), we expect it to serve as a financial safety net."

Deputy Prime Minister Hong also introduced, "Just like the 'Gold Collection Movement' during the 1997 foreign exchange crisis, this time, a voluntary 'rent reduction movement' by citizens has started in the local small city of Jeonju and is spreading nationwide."

He added, "The government is boldly supporting the four major difficulties of small business owners and SMEs?rent, labor costs, taxes, and emergency management funds?by participating in the private sector's will to overcome."

Deputy Prime Minister Hong pointed out, "The current situation requires stronger international cooperation than the 2008 global financial crisis," and noted, "Border controls by countries worldwide are a path toward a contractionary balance of the global economy."

He continued, "The response of the Group of Twenty (G20), including emerging countries, needs to be faster," and introduced, "Last week, I sent a letter to the G20 presidency and the U.S. Treasury Secretary proposing the establishment of a global action plan at the G20 level, including global quarantine, easing restrictions on human and material movement, a global financial safety net, and fiscal and monetary policy coordination."

Deputy Prime Minister Hong concluded by emphasizing, "Korea will share its successful quarantine model and economic response model with countries worldwide."

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