Gyeonggi-do to Allocate '36.1345 Trillion Won' for Expanded Budget Next Year... 6.9% Increase Compared to This Year

Gyeonggi Province Governor Kim Dong-yeon is explaining the 2024 Gyeonggi Province budget proposal at the Gyeonggi Provincial Government Office on the 6th.

Gyeonggi Province has prepared a budget of 36.1345 trillion KRW for 2024 and submitted it to the Gyeonggi Provincial Assembly on the 6th. This is an increase of 2.3241 trillion KRW (6.9%) compared to last year's main budget (33.8104 trillion KRW). Especially in a situation where next year's tax revenue is expected to decrease by more than 1 trillion KRW, Gyeonggi Province has focused on expansionary fiscal policy rather than austerity in preparing the budget.

First, Gyeonggi Province will invest 101.8 billion KRW in the 'Gyeonggi RE100 Project,' which supports climate tech companies, as part of next year's budget. Additionally, 25.1 billion KRW has been allocated to establish a climate response fund.

Governor Kim Dong-yeon of Gyeonggi Province criticized during the budget briefing on the 6th, "Looking at this year's government budget, the climate response fund was cut by 170 billion KRW, and the renewable energy budget was reduced by 440 billion KRW," adding, "The government is going against the international trend of responding to the climate crisis."

He continued, "The government lowered targets for greenhouse gas reduction through renewable energy generation. Due to such abrupt policy changes by the government, the international renewable energy industry is facing a crisis of collapse," expressing concern that "these policies could cause significant disruption to the domestic semiconductor and automobile industries."

Gyeonggi Province will support 160.7 billion KRW to expand opportunities for youth, who are the hope for the future, by providing "more opportunities" and "more equitable opportunities." Furthermore, 162.6 billion KRW will be invested in youth generation support projects such as the Youth Company Bridge Program, which broadens dreams and perspectives through overseas experiences, and low-interest loans.

Gyeonggi Province will also promote the activation of 'local currency,' which the government has completely cut this year and even eliminated the budget item for next year. The province has prepared a budget of 95.4 billion KRW, a 5.5% increase from this year, to issue local currency. Through this, a total of 32 trillion KRW worth of local currency will be issued in 31 cities and counties within the province next year.

To support advanced industries and startups, 460.1 billion KRW will be poured into creating an ecosystem including discovering and nurturing startups. This will establish a startup hub in Pangyo and create 20 startup bases in key regions. Gyeonggi Province plans to support the growth of 3,000 seed companies through these hubs. Additionally, a G Fund worth 1 trillion KRW will be created to focus investment on startups.

Care for residents will be strengthened, and opportunity income and opportunity services will be expanded.

To increase the target groups and support amounts for opportunity income for people with disabilities and artists in the province, the budget has been increased by 12.8 billion KRW. Also, to expand opportunity income into various fields, an additional 14.1 billion KRW has been allocated. The province has decided to expand cultural and sports performance viewing opportunities for marginalized groups.

A 360-degree care project will also be implemented. Gyeonggi Province will invest a total of 2.5575 trillion KRW to provide services to 14 million residents in a comprehensive manner, including nighttime facilities and weekend services for child care and care for people with disabilities.

Gyeonggi Province will steadfastly promote the establishment of the 'Gyeonggi Northern Special Self-Governing Province' to make northern Gyeonggi the land of future growth opportunities for South Korea, investing a total of 275.4 billion KRW.

Governor Kim Dong-yeon said, "The government talks about sound fiscal management when preparing next year's budget, but it is clearly austerity," adding, "If austerity is implemented, the economic downturn will be prolonged, tax revenue will decrease, and in the mid-to-long term, the fiscal situation will worsen."

He further explained, "Expansionary fiscal policy is needed now, and the government’s budget growth rate should be increased from 2.8% next year to 6.9%, which is the level of Gyeonggi Province," stating, "Gyeonggi Province will implement active fiscal policy next year to stimulate the economy through fiscal expansion during the economic downturn."

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