Busan City Urgently Convenes Financial Relations Meeting to Address Economic Crisis... Mayor Park Hyung-jun Reviews Financial Risk Factors

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City will hold a financial relations meeting to explore and review comprehensive measures to respond to the economic crisis.

On the 23rd at 10 a.m., Busan City announced that it will hold a meeting to check financial risk factors in the Busan area at the 26th-floor conference room of City Hall, discussing response measures to the complex economic crisis facing the three highs: high interest rates, high exchange rates, and high inflation, together with six financial institutions, five policy financial institutions, and academic experts.

Participants include six commercial banks?Busan Bank, Kookmin Bank, Hana Bank, NongHyup Bank, Woori Bank, and Shinhan Bank?and five policy financial institutions: the Financial Supervisory Service, the Bank of Korea, the Korea Technology Finance Corporation, the Korea Credit Guarantee Fund, and the Small and Medium Business Corporation.

Mayor Park Hyung-joon viewed it as urgent to review the ongoing external crisis caused by major countries' monetary tightening shifts, the prolonged Russia-Ukraine war, and rising international raw material prices.

He also judged that it is necessary to discuss countermeasures to minimize the regional economic shock from the complex crisis, including market concerns about economic recession, increased household and corporate debt due to rising interest rates, and worsening liquidity crunch in companies related to Legoland.

Mayor Park plans to urgently convene the meeting and personally preside over it to come up with practical alternatives.

At the meeting, they will review trends in the regional financial market and major risk factors, and examine crisis response capabilities. They will also discuss measures such as a soft landing plan for household and self-employed debts that surged during the COVID-19 response process by financial institution, financial market funding plans triggered by Legoland, and support measures for vulnerable groups who may face increased difficulties due to rising financial costs in the interest rate hike phase.

Busan Mayor Park Hyung-joon said, “Since this is a serious situation where internal and external risk factors appear in a complex manner, we will strengthen the response system together with the government, financial institutions, and academic experts to minimize regional economic shocks and damages.”

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