Bang Gi-seon, Deputy Minister of Economy and Finance, "Seeking rebound measures for exports to China... Strict response to Daewoo Shipbuilding's illegal activities"

'The 3rd Emergency Economic Vice-Ministerial Meeting' Held

[Asia Economy Sejong=Reporter Kwon Haeyoung] The government has decided to devise measures such as trade finance support and resolution of logistics difficulties to rebound exports to China, which are experiencing negative growth. Regarding the Daewoo Shipbuilding & Marine Engineering (DSME) strike, the government reiterated its commitment to strictly respond to illegal activities.

On the 22nd, the government held the '3rd Emergency Economic Vice Ministerial Meeting' at the Government Seoul Office, chaired by Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, and announced these measures.

In his opening remarks, Vice Minister Bang said, "China's second-quarter Gross Domestic Product (GDP) grew by only 0.4% year-on-year due to lockdowns in major cities," and added, "Along with this, our exports to China, which had maintained double-digit growth, have recently somewhat contracted." He continued, "We will devise various countermeasures such as trade finance support, resolution of logistics difficulties, and regulatory improvements so that our exports to China can quickly rebound once the Chinese economy resumes its improvement trend."

He also reaffirmed that illegal activities related to the DSME strike will be dealt with according to law and principles. Vice Minister Bang pointed out, "The illegal occupation of Dock No. 1 at the Okpo Shipyard by the subcontractor union has continued for 31 days, causing production disruptions and delivery delays of ships, resulting in losses amounting to 800 billion won, which is 20% of last year's sales." He emphasized, "Above all, the greatest loss is the damage to the trust that the Korean shipbuilding industry has built with customers through accurate delivery compliance." He added, "Since the differences between the subcontractor labor and management have been largely narrowed, I hope that negotiations will be concluded today and the illegal occupation situation will be resolved. The government will continue to actively support dialogue and compromise efforts through labor-management autonomy but will strictly respond to illegal activities according to law and principles."

The government also decided to continue efforts to stabilize prices for the public by strengthening on-site inspections to expand the perceived effects of the fuel tax reduction.

Vice Minister Bang said, "Oil prices have dropped by more than 150 won from this year's peak, entering the 1900 won range for the first time in two months in real-time average prices," and added, "We will do our best to ensure that the effects of the international oil price decline and fuel tax reduction are delivered to consumers more quickly through biweekly nationwide inspections led by the joint petroleum market inspection team of related ministries and petroleum market inspection meetings with refiners."

According to Opinet, the proportion of gas stations with prices below 2000 won increased from 0.02% at the end of June to 61.3% as of the 20th of this month.

Additionally, to stabilize prices of agricultural and livestock products, the government is releasing vegetable stockpiles early and has applied tariff quotas on beef and chicken since the 20th. Ahead of Chuseok, supply expansion and discount events will be conducted. Furthermore, in response to rising construction material prices, the government plans to monitor price and supply-demand trends, promote the spread of standard contract forms that allow contract adjustments according to cost fluctuations, and activate construction cost adjustments through public-private joint win-win councils.

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