Gyeonggi-do Executes 11 Trillion Won Budget for 'Livelihood Economy Recovery' from January to March

Gyeonggi Province will take proactive and aggressive rapid execution measures, including spending 11 trillion won in the first quarter (January to March) of this year, to restore the livelihood economy.

On the 17th, Kim Seong-jung, the first deputy governor of the province, held a rapid execution promotion inspection meeting with department heads at the provincial office. Considering the difficult economic conditions and the advanced Lunar New Year holiday, the meeting was held two months earlier than last year to restore the livelihood economy.

Deputy Governor Kim said, "With economic growth rate, export growth rate, and private consumption all in the 1% range, the difficult economic situation makes proactive investment by the public sector important," and urged, "Starting from January, please rapidly execute large-scale investment projects and support projects for vulnerable groups."

Gyeonggi Province raised its rapid execution target for the first half of this year to 65%, about 20 trillion won (government plan 64%).

In particular, it plans to spend 35%, about 11 trillion won, in the first quarter, prioritizing support for vulnerable groups such as low-income households and small business owners, as well as livelihood economy recovery and economic revitalization projects, so that residents can feel the effects.

Also, to facilitate smooth rapid execution amid financial difficulties, the province will provide early disbursement of adjustment grants used as resources for cities and counties, and offer a total of 6.5 billion won in special adjustment grants as incentives to seven cities and counties excelling in rapid execution in the first quarter.

To focus on managing large-scale public investment projects with project costs exceeding 5 billion won that affect the construction industry, a Public SOC Promotion Team will be newly established within the Gyeonggi Province Rapid Execution Promotion Group. Since Gyeonggi Province accounts for the largest portion (around 20%) of local finances nationwide, it is expected that the active promotion of rapid execution will have a significant impact on the regional economy.

Kim Seong-jung, the First Deputy Governor of Gyeonggi Province, is holding a rapid execution promotion inspection meeting with department heads at the provincial office on the 17th. Photo by Gyeonggi Province

Furthermore, the province expects that expanded fiscal execution by the public sector will promote economic recovery and private consumption and investment by continuously requesting relevant ministries to address budget execution difficulties faced by the province and cities/counties, such as preliminary administrative procedures requiring cooperation from central government ministries.

Meanwhile, Gyeonggi Province contributed to stabilizing the livelihood economy by executing 98.8 trillion won, 19.5% of the total 498.3 trillion won in local government rapid execution last year.

Governor Kim Dong-yeon of Gyeonggi Province has been conducting on-site visits to revive the economy since the beginning of the year. Following a New Year's press conference held at a Seolleongtang restaurant on the 13th, he provided financial counseling to self-employed individuals in Siheung City on the 14th, and communicated with semiconductor company executives in Pangyo on the 15th.

At this event, Governor Kim Dong-yeon said, "Gyeonggi Province will do its best to proactively stimulate consumption and revitalize domestic demand," and urged, "To revive the economy and boost livelihoods, the political sector and all citizens must come together and unite their efforts."

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