Gyeonggi-do to Increase Next Year's Budget by 7.2%... Allocates 38.7081 Trillion Won

Gyeonggi Province has allocated a budget of 38.7081 trillion won for next year. This represents an expansionary budget with a 7.2% increase compared to this year's budget. Notably, the increase rate is more than twice that of the Yoon Suk-yeol administration's budget increase rate of 3.2% for next year.

On the 5th, Gyeonggi Province Governor Kim Dong-yeon held a press conference at the Gyeonggi Provincial Government briefing room regarding the 2025 budget proposal, stating, "Looking at the government's budget plan for next year, there is neither consideration of the immediate crisis nor any solution to overcome difficulties," and explained, "Gyeonggi Province has maximized the use of available resources to increase next year's budget by 7.2%."

Gyeonggi Province's budget for next year focuses on the ‘Humonomics’ (human-centered economy) budget. Accordingly, the main budget will be invested in people-centered growth rather than quantitative growth.

First, to restore vitality to the Korean economy and prepare future growth engines, 2.8 trillion won will be invested in social overhead capital (SOC) budgets, which the government has cut by 3.6%. Additionally, 496.2 billion won secured through local bond issuance will be fully used for regional SOC development such as roads, rivers, and railways. Gyeonggi Province explains that the issued local bonds account for about 1.3% of next year’s budget proposal and are sufficiently manageable. Budget investment for advanced new growth industries such as semiconductors and artificial intelligence (AI), as well as for revitalizing startups, has also more than doubled.

Kim Dong-yeon, Governor of Gyeonggi Province. Provided by Gyeonggi Provincial Government

Gyeonggi Province also increased its climate budget by 121.6 billion won compared to the previous year. This is a strategy to foster the climate industry as a new growth engine through initiatives such as the launch of Korea’s first climate satellite. Furthermore, 27.8 billion won has been allocated for the ‘Living Experience Energy Self-Reliance Support’ project, and more active and independent investments will be made in the ‘Climate Fund’ and ‘Climate Action Opportunity Income.’ In particular, the scale and target of opportunity income will be more than doubled, and 238.4 billion won will be invested in youth projects including the ‘Youth Ladder Program’ and ‘Youth Gap Year.’

Gyeonggi Province defines next year’s budget as a ‘responsible budget’ and has allocated 104.3 billion won for the issuance of local currency. Additionally, a total of 700 billion won will be invested in ‘The Gyeonggi Pass,’ ‘Gyeonggi Province Children and Youth Transportation Support,’ and the ‘Bus Public Management System.’ To revitalize the local economy, 20 billion won has been allocated for agricultural and fishery product discount coupons, and 5 billion won for the ‘Generous Sale’ to save Gyeonggi.

Moreover, Gyeonggi Province will support small business owners who have difficulty securing funds by providing the nation’s first ‘Operating Expense Exclusive Card’ with a maximum limit of 5 million won, and will further strengthen the ‘360-degree Care’ project, which creates a new framework for care in Korea that is ‘anyone, anytime, anywhere.’

Furthermore, through the nation’s first ‘Care SOS Project,’ hospitalization care costs for low-income seniors aged 65 and over will be supported, and the budget for guaranteeing mobility rights for people with disabilities has also been increased.

Especially, to mark the 80th anniversary of Liberation Day next year, Gyeonggi Province will actively promote the establishment of an independent institution to set history straight and promote national unity. The social integration budget for migrant workers and multicultural families will be increased by 34.8%, and the budget for the Foreigners’ Human Rights Support Center and ‘Foreign Children Childcare Support’ will be more than doubled.

Gyeonggi Province will invest 52.5 billion won in six northern Gyeonggi areas including Gapyeong and Yeoncheon for Governor Kim Dong-yeon’s flagship project, the ‘Great Renovation Project of Northern Gyeonggi,’ and 201.8 billion won for expanding transportation infrastructure in northern Gyeonggi, including roads and rivers.

Governor Kim Dong-yeon emphasized, "The Yoon Suk-yeol government irresponsibly abandoned the role of finance by engaging in ‘whatever’ tax revenue estimates, resorting to ‘circular borrowing’ using various funds, and even reducing grants that should go to local areas, shifting the responsibility for policy failures to local governments. Gyeonggi Province prepared next year’s budget according to the basic budget principle of expanding finances to stimulate the economy during a ‘recession period’ and reducing finances to maintain balance during an ‘economic upswing period.’"

Meanwhile, the Gyeonggi Province budget proposal was submitted to the Gyeonggi Provincial Council on the 4th and will be reviewed and approved at the 379th regular session, which opened on the 5th.

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