Kim Yong-beom, Deputy Minister of Economy and Finance, "Despite strict social distancing, 'consumption' performed better than expected... Will promote strong domestic demand revitalization"

'The 29th Innovation Growth Strategy Review Meeting cum Policy Review Meeting cum 2nd Korean New Deal Review TF' Held

Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the '29th Innovation Growth Strategy Review Meeting, Policy Review Meeting, and 2nd Korean New Deal Review TF Meeting' held on the 30th at the Government Seoul Office in Gwanghwamun, Seoul.

[Asia Economy Reporter Joo Sang-don] Kim Yong-beom, 1st Vice Minister of the Ministry of Economy and Finance, stated on the 30th, "We will do our best to continue the recovery trend in the fourth quarter through strong domestic demand activation measures."

On this day, Vice Minister Kim presided over the '29th Innovation Growth Strategy Review Meeting cum Policy Review Meeting cum 2nd Korean New Deal Review TF' at the Government Seoul Office and made these remarks.

He evaluated, "In the recently released September Industrial Activity Trends, total industrial production rebounded after two months, and all major indicators in terms of production and expenditure increased," adding, "Despite the intensive social distancing measures, service industry production (+0.3%) and retail sales (+1.7%) showed better-than-expected resilience." According to the 'September Industrial Activity Trends' announced earlier by Statistics Korea, total industrial production (seasonally adjusted, excluding agriculture, forestry, and fisheries) increased by 2.3% compared to the previous month. Including this, consumption and investment indicators rose simultaneously, marking a 'triple increase' for the first time in three months since June this year.

The government has been sequentially resuming the seven-sector consumption coupon projects, which had been suspended since mid-August, starting from the 22nd. Exhibition, performance, movie, travel, and dining coupons have already resumed, and sports and accommodation coupons are scheduled to resume on the 2nd and 4th of next month, respectively. Along with this, the '2020 Korea Sale Festa' will be held for about two weeks from November 1st to November 15th. This year, 1,506 companies, more than twice the number of last year's participants (704 companies), will participate. Vice Minister Kim said, "The government will make every effort to ensure a safe event under a thorough quarantine system," and added, "We ask for the active participation of the public."

The meeting also discussed the progress of the Digital New Deal. Vice Minister Kim emphasized, "The difference between 'countries that have' and 'countries that do not have' in the competition to develop and secure vaccines and treatments will clearly affect the speed of economic recovery," adding, "'Digital New Deal' and 'Green New Deal' will be stepping stones for our country to become a 'country that has'." He continued, "The execution rate of the Digital New Deal projects reflected in the 3rd supplementary budget is about 90%, and most projects are being carried out without any setbacks," and explained, "Detailed information will be provided through the Digital New Deal homepage, which will be operational starting today."

Finally, he emphasized the economic actors' willingness to engage in the economy. Vice Minister Kim said, "The strength of recovery depends on the 'willingness to engage in the economy,' which means the work motivation, sincerity, and spirit of challenge of economic actors," and added, "The government will faithfully implement and review the Korean New Deal and consumption activation measures to actively support the public's willingness to engage in the economy."

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