Pohang City Breathes New Life into Local Economy from Early Year... Focused Fiscal Execution in First Half of the Year

First Half Year Total Expenditure Budget 70% Allocated Concentratedly, 2.023 Trillion Won Budget Execution

All Tasks Focused on Stabilizing Citizen Economy and Reviving Local Markets with Administrative and Financial Support

Pohang City will allocate 2.023 trillion won, equivalent to 70% of the total expenditure budget for the first half of the year, focusing on rapid budget execution to inject warmth into the frozen domestic market.

Mayor Lee Gang-deok is taking a commemorative photo after holding a meeting to revitalize the local economy with local small business-related organizations, traditional market merchant associations, and financial institution officials at a restaurant in Jukdo Market at the end of last year. Photo by Pohang City

The city plans to maintain a sound fiscal policy while establishing a monthly allocation plan for areas requiring swift budget execution, such as stabilizing livelihoods, revitalizing the local economy, supporting vulnerable groups, and expanding citizen convenience facilities, concentrating allocation and execution within the first half of the year.

Additionally, a rapid execution reporting meeting will be held in January, and 60% of the total rapid execution management targets (within the government goal of 54%) will be executed early within the first half of the year.

The city will focus on managing the progress and execution rate of large-scale facility projects and actively utilize temporary special measures such as simplifying private contract procedures and using advance payments and progress payments.

Along with this, starting with the complete sale of 35 billion won worth of Pohang Sarang Card in just four days, the city plans to issue an additional 25 billion won to help recover the weakened consumer sentiment.

Efforts will be made to enhance citizens' perception of livelihood support through expanding the nationwide largest special guarantee support for small business owners by 200 billion won, providing 9 billion won in interest subsidy funds for small businesses and SMEs, and accelerating social overhead capital (SOC) projects that will drive regional economic vitality, such as the construction of POEX and the development of Yeongilman 4 General Industrial Complex.

Furthermore, to revitalize the depressed local shopping districts, the city will expand the days off for the in-house cafeteria at Pohang City Hall and promote holiday shopping events by department.

It also plans to encourage healthy consumption activities among private companies and citizens, induce local commercial district revitalization and consumption stimulation, and strive to restore the depressed consumer sentiment.

Mayor Lee Kang-deok stated, “Stabilizing the livelihood economy directly connected to citizens’ lives must be accompanied by swift local fiscal management,” adding, “We will focus all tasks on stabilizing the citizen economy and restoring the local commercial districts and will spare no administrative and financial support to achieve this.”

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