Hong Nam-ki, Deputy Prime Minister, Orders "Review Rental Housing Supply Plans for the Middle Class"

Presiding Over the Expanded Executive Meeting on the Afternoon of the 12th

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, has instructed to review plans for supplying rental housing for the middle class.

On the afternoon of the 12th, Deputy Prime Minister Hong presided over an expanded executive meeting at the Government Seoul Office and made this request to the first and second vice ministers, as well as attendees at the first-grade and director-level positions. He said, "We must respond responsibly to the pressing economic issues and challenges," and urged, "Please promptly review plans to supply high-quality rental housing for the middle class."

Along with this, he emphasized, "With the autumn moving season approaching, strengthen monitoring of the volume and prices in the jeonse and wolse rental markets, and prepare additional countermeasures if necessary," adding, "We must explore measures to manage market liquidity, including monitoring household credit loans."

He also stressed the need to adjust related economic policies following the easing of social distancing to level 1 and the necessity for new measures, saying, "Measures should be prepared so that the resumption of the eight major consumption coupons and domestic consumption can serve as a catalyst for economic recovery." He continued, "Please focus on restoring export capacity in the fourth quarter to ensure the recent improvement in exports continues," and requested, "Closely review policies and measures to be implemented during the remaining period of the fourth quarter on a weekly basis."

Furthermore, he stated, "It is necessary to look at not only short-term crisis overcoming efforts but also issues related to strengthening the competitiveness of companies and industries," and added, "Please prepare with a sense of urgency from now on so that the 2021 Economic Policy Direction can be announced smoothly in December."

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