Won Hee-ryong: "When the new government is launched, expenditure restructuring... This is why we want a regime change"

"Lowering tax rates but increasing total tax revenue is how to manage the country's finances well"

Won Hee-ryong, Governor of Jeju Province. / Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] Won Hee-ryong, Policy Headquarters Chief of the People Power Party's Election Countermeasures Headquarters, stated on the 15th, "(When the new government is launched) a thorough review and adjustment of existing expenditures and revenues must be conducted." This hinted at the possibility of a large-scale restructuring of expenditure if Yoon Seok-yeol, the People Power Party's presidential candidate, is elected.

In an interview with Asia Economy at the Policy Headquarters office in Yeouido, Seoul, Won said, "According to Yoon's pledges, the total cost over five years is about 260 trillion won (approximately 50 trillion won annually). It is impossible to add 50 trillion won on top of fully utilizing the existing budget," emphasizing this point.

He explained, "(The current pledges) were made with efforts to reduce situations where promises would have to be reversed later due to fiscal burdens," adding, "To secure about 50 trillion won in resources, either expenditures must be adjusted or revenues increased. In situations like COVID-19, government bonds should also be considered." When asked about starting expenditure restructuring, he stressed, "The budget for this year can also be adjusted," and said, "Isn't that the reason for changing the administration?" Previously, the People Power Party had announced through its pledges that it would support compensation for losses caused by COVID-19 and other assistance by improving spending efficiency according to funding methods.

Regarding tax reduction policies such as the integration of comprehensive real estate tax and property tax and the abolition of capital gains tax on stocks, Won stated, "We will secure revenues faithfully in areas where there are gaps in tax income while using incentives to encourage economic actors to move," emphasizing, "Even if tax rates are lowered, increasing tax revenue is truly managing the country's finances well."

Addressing concerns that Yoon's judicial reform pledges?such as abolishing the Ministry of Justice's investigative control rights and guaranteeing the prosecution's independent budget authority?could create a 'prosecutor republic,' Won strongly denied this, saying, "There can be no prosecution dictatorship." He explained, "(The goal of the pledges) is to break the long-standing link where the prosecution acted similarly to a direct unit under the Blue House," calling it "the candidate's conviction." He added, "The prosecution chief must come and explain and respond to the budget when the prosecution prepares its own budget," highlighting that this ensures control by the National Assembly. Won also said, "The president's only authority over the prosecution chief is personnel appointments, but even that requires a parliamentary hearing," and stated, "The Corruption Investigation Office for High-ranking Officials, the prosecution, and the police should all investigate, forming an independent system of checks and balances. This will enhance capabilities and raise the nation's level in preventing corruption."

Regarding Yoon's political reform pledge to establish ‘sector-specific public-private joint committees’ in the presidential office, Won said it would be supplemented. He explained, "(The public-private joint committees) have the advantage of allowing the best minds to contribute to state affairs, but since private talents can represent industry and other interests, anti-corruption systems and others will be activated to increase transparency."

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