Kim Dong-yeon to Lee and Yoon: "You don't know anything about finance... as if money flows endlessly like a hwashubun"

Lee on 'Nationwide Disaster Relief Fund': "A Populist Election Strategy"
Yoon on '50 Trillion Won Compensation for Small Business Damage': "Words Spoken Without Any Understanding of Fiscal Mechanisms"

Former Deputy Prime Minister for Economic Affairs Kim Dong-yeon, who declared his independent candidacy for the presidential election and launched the formation of the "New Wave" party, is delivering a greeting at the special advisory group appointment ceremony held on the 8th at the election camp in Yeongdeungpo-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Kim So-young] Kim Dong-yeon, former Deputy Prime Minister and Minister of Strategy and Finance and a third-party presidential candidate who declared the founding of the "New Wave," criticized other presidential candidates who proposed COVID-19 damage support pledges by saying they "do not understand finance at all."

After finishing a press conference announcing his pledges at the National Assembly on the 9th, Kim met with reporters and criticized, "They speak as if money comes out like a bottomless well, saying things they could never say if it were their own pocket."

He emphasized, "As someone who has been responsible for the country's finances for over 10 years, from Budget Director to Deputy Prime Minister, (taxes) are money like the blood of the people."

Regarding Lee Jae-myung, the Democratic Party presidential candidate's pledge of a "nationwide disaster relief fund," he raised his voice, calling it a "populist election strategy," and said, "If 500,000 won is given to every citizen nationwide, it is the same amount as Yoon's 50 trillion won support. Support should be more detailed and substantial for the affected groups."

About Yoon Seok-youl, the People Power Party presidential candidate's pledge of "50 trillion won compensation for small business damages," he said, "It is a statement made without any understanding of the financial mechanism," and warned, "A supplementary budget of 50 trillion won immediately after the president's election has never happened in the history of South Korea's finances. Issuing government bonds will be inevitable."

On the same day, Kim proposed "Creating 5 Seouls" as a presidential pledge, saying, "We will build five mega-cities at the level of Seoul in the metropolitan area, Busan·Ulsan·Gyeongnam (PK), Daegu·Gyeongbuk (TK), Daejeon·Chungcheong, and Gwangju·Honam regions to achieve complex national balanced development," and added, "Balanced national development is impossible with administrative agency relocation alone. Jobs, education, healthcare, and culture must be integrated."

To this end, he announced the introduction of a "fiscal federalism" system to "expand local fiscal autonomy." For economic balance, he proposed, "For local areas to thrive, companies must go there. We will fully expand local governments' fiscal discretion," and "Local governments will decide the priorities of regional development, welfare, education, and cultural projects." Additionally, he pledged further corporate tax reductions for companies relocating south of the Chungnam region.

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