Deputy Prime Minister Hong: "Chuseok Living Costs, Stabilization Measures Must Be Prepared in Advance Starting Now"

Presiding Over Expanded Executive Meeting... "Real Estate Price Instability, Government Must Clearly Convey 'Market Stability' Message"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is presiding over the expanded executive meeting of the Ministry of Economy and Finance held at the Government Sejong Complex on the afternoon of the 5th. 2021.7.5
[Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Sun-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 5th, "Regarding Chuseok living expenses, we should not wait until the Chuseok holiday approaches but prepare and implement stabilization measures in advance starting now."

On the afternoon of the same day, Hong presided over an expanded executive meeting at the Government Complex Sejong and urged, "Please take preemptive measures against recent upward pressures on international oil prices and raw material costs, as well as inflation risk factors such as summer monsoons and heatwaves." The meeting was attended by key officials including the first and second vice ministers of the Ministry of Economy and Finance.

Starting this month, several changes closely related to daily life will be implemented, including ▲ expanded application of the 52-hour workweek ▲ special types of workers ▲ strengthening of the Debt Service Ratio (DSR) and easing of Loan-to-Value (LTV) ratios for low-income and actual demand borrowers ▲ and the restructuring of social distancing measures. Regarding these, Hong requested, "Please consider and take measures to minimize inconvenience to policy users such as the general public, workers, and business operators, and to support the stabilization and early adaptation of these systems as much as possible."

Particularly concerning the real estate market, which remains unstable, Hong pointed out, "Despite warnings against speculative buying, market disruption, and vague anxieties, price instability and excessive expectations are still observed mainly in the metropolitan area." He added, "Please seek and report on momentum or measures to ensure that the government's will and message of 'expanding housing supply + protecting actual demand and stabilizing the market' are accurately and clearly conveyed to the market."

Meanwhile, with the July extraordinary session of the National Assembly convened from today following bipartisan agreement, Hong emphasized, "Above all, please thoroughly prepare for the review of the second supplementary budget," and stressed, "We will actively respond to ensure legislative progress this time on major bills such as the amendment to the National Finance Act (Fiscal Rules)."

On the occasion of the first anniversary of the announcement of the 'Korean New Deal' on the 14th, Hong said, "Please intensively review the achievements so far and devote all efforts to examining a more evolved direction and measures for the Korean New Deal that reflect subsequent environmental and situational changes."

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