Hwaseong-si Establishes 'Special City Livelihood Economy Revitalization Promotion Plan'

Expansion of Small Business Support with Local Currency... Special Guarantee and Interest Differential Compensation
Mayor Jeong Myeong-geun "Urgent Priority to Alleviate Citizens' Hardship... Promoting Economic Revitalization and Stabilization"

Hwaseong City in Gyeonggi Province announced on the 6th that it will establish and implement a 'Plan to Revitalize the Livelihood Economy' following its launch as a special city.

The city explained that the newly prepared plan reflects Mayor Jeong Myeong-geun's determination to swiftly promote the revitalization of the livelihood economy, which is struggling due to the economic downturn and unstable political situation causing a contraction in consumer sentiment.

The plan expands and allocates a total of 73.8 billion KRW across five sectors to overcome income polarization, including ▲expanding support for small business owners ▲manufacturing innovation for small and medium enterprises ▲creating hopeful jobs ▲establishing corporate safety nets ▲and early achievement of 20 trillion KRW in investment attraction.

As part of tailored support focused on economically vulnerable groups, the city decided to issue Hope Hwaseong Local Currency worth 500 billion KRW?the largest nationwide?to small business owners and self-employed individuals to help restore weakened consumer sentiment. Alongside this, the city plans to strengthen the business competitiveness of small business owners through special guarantees, interest differential compensation projects, and business environment improvement projects aimed at stabilizing management.

The plan includes support measures such as market managers for revitalizing traditional markets and shopping districts, traditional market events, and the establishment of fire prevention and customer support centers. For small and medium enterprises, the city will provide low-interest, customized operating funds such as working capital and special guarantees to address management difficulties.

The city plans to execute more than 90% of the related budget within the first half of the year to promote the circulation of the local economy and revitalize the livelihood economy.

Mayor Jeong said, "We judged that resolving the pain of citizens running self-employed businesses and companies is an urgent task, and thus established the livelihood economy revitalization plan. We will simultaneously promote economic revitalization and stabilization through consumption promotion, special guarantees, and interest differential compensation."

The city is also considering establishing a new organization to strengthen the foundation for inclusive growth, social trust, and economic stability, as well as to create a society where basic rights are guaranteed and a sustainable environment is fostered.

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