Kim Jong-in "COVID-19 Similar to Natural Disaster... Need to Seek Active Fiscal Role"

"The Profit-Sharing System Is a Plan That Cannot Be Implemented Immediately"

[Asia Economy Reporter Naju-seok] Kim Jong-in, the Emergency Committee Chairman of the People Power Party, compared the COVID-19 pandemic situation to a natural disaster and demanded an active role for fiscal policy. He gave a cold assessment of the profit-sharing system being discussed by the ruling party, calling it an unrealistic proposal.

Kim Jong-in, the Emergency Response Committee Chairman of the People Power Party, is attending the Emergency Response Committee meeting held at the National Assembly on the 20th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

On the 20th, after concluding the 9th meeting of the COVID-19 Countermeasures Special Committee at the National Assembly, Chairman Kim told reporters, "Looking at other countries, fiscal policy actively intervenes, but here, the fiscal authorities do not seem to care much about it," adding, "The profit-sharing system currently under discussion is impossible to implement." The People Power Party held the meeting to mark the first anniversary of the domestic outbreak of COVID-19.

Chairman Kim criticized the government's passive attitude during the budget allocation for COVID-19 last year, saying, "They secured 3 trillion won under the pretext of the budget, but even that was reluctantly provided." He further criticized the government and ruling party, saying, "They have no concept that fiscal policy should play an active role in such situations, yet they propose unrealistic measures like the profit-sharing system that cannot be implemented immediately."

In his opening remarks at the meeting, Chairman Kim emphasized, "Unexpected diseases like COVID-19 are similar to rare natural disasters," and said, "When a natural disaster occurs, there is a system where the government compensates for economic losses, so we cannot help but think that such compensation should be provided to the economic agents who suffered damage." He added, "Shouldn't we discuss how the government will make a more active fiscal investment?"

Meanwhile, regarding Gyeonggi Province's decision to provide disaster relief funds of 100,000 won to residents, Chairman Kim said, "Do you think the problem will be solved by giving 100,000 won now?"

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