People's Daily Introduces South Korea's Economic Stabilization Measures in Response to COVID-19

[Asia Economy Beijing=Special Correspondent Park Sun-mi] As China seeks to normalize its economy amid the stabilization of the COVID-19 spread, it is paying attention to South Korea's economic stabilization promotion measures in response to COVID-19.

On the 28th, the Chinese Communist Party's official newspaper, People's Daily, introduced in detail South Korea's economic stabilization promotion measures taken during the COVID-19 response process in an article titled "South Korea is taking many measures to promote economic stability" on page 17 of the international section.

The newspaper mentioned South Korea's COVID-19 situation as of the 27th, maintaining fewer than 10 new confirmed cases for five consecutive days, and introduced that "the South Korean government has entered a living quarantine stage that combines daily life and quarantine as the situation has stabilized."

It added, "President Moon Jae-in has activated an emergency economic response system led by the Deputy Prime Minister for Economy, focusing efforts on resolving difficulties faced by companies, self-employed workers, and laborers," and reported that "Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy has already held meetings with representatives of the five major completed car manufacturers and parts companies in South Korea to discuss the impact of COVID-19 on the automobile industry and solutions."

Also, the article mentioned that the South Korean government announced on the 22nd the establishment of a 40 trillion won scale Industrial Stability Fund and that emergency financial measures were expanded by 35 trillion won from the existing 100 trillion won scale to 135 trillion won, along with the announcement of a special employment stabilization plan worth over 10 trillion won. Furthermore, it explained that the South Korean government has prepared and implemented support measures worth 150 trillion won since the outbreak of COVID-19, and indirect support effects such as payment deferrals and maturity extensions amount to 349 trillion won, which is about 26% of last year's Gross Domestic Product (GDP).

People's Daily also noted that although South Korea's travel and export industries were directly hit by COVID-19, the South Korean government is supporting companies through policies such as subsidies, tax reductions, and interest reductions to overcome difficulties, and plans to provide emergency disaster relief funds amounting to 9.1 trillion won in the form of gift certificates or coupons to restore the livelihood economy. It introduced various measures being implemented in parallel, such as expanding income deduction rates for card usage, reducing individual consumption tax imposed when purchasing automobiles, and providing subsidies when purchasing home appliances.

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