Gwangju City Launches 'Local Price Stabilization TF'... All-Out Effort for Livelihood Stability Amid Surging Oil Prices

City Announces Support Measures for Small Businesses and Companies
Mobilizing Full Administrative Capacity for Local Economic Stability
Up to 20% Cashback with Gwangju Love Card
Mayor Bong Sehwan: "We Will Mobilize All Available Administrative Resources"

Gwangju City in Gyeonggi Province held a 'Local Price Stabilization Task Force (TF)' meeting on the 16th at the City Hall Eum Hall, presided over by Mayor Bong Sehwan. During the meeting, participants analyzed the impact of the recent surge in international oil prices, triggered by the Middle East situation, on the local economy, and discussed support measures for small business owners and companies to stabilize the livelihoods of residents.

Bange Se-hwan, Mayor of Gwangju City, is holding a meeting of the "Local Price Stabilization Task Force (TF)" on the 16th at the City Hall Ieum Hall. Photo by Gyeonggi Gwangju City

The meeting was attended by key department heads in charge of the city’s economy, as well as representatives from related organizations such as the Gyeonggi Credit Guarantee Foundation and the Gyeonggi Institute of Economics and Science. They reviewed each department’s response to rising oil and daily necessity prices and discussed effective support strategies.

The city announced that it will closely monitor local energy prices and the cost of living in response to increasing international oil prices. Energy prices at local gas stations will be regularly checked, and field inspections of 96 key managed items, including daily necessities and restaurant meals, will be conducted once a week. The survey results will be released on the city’s website. In addition, inspections will be strengthened regarding the implementation of price labeling at gas stations, restaurants, and agricultural, livestock, and fisheries distribution companies, as well as to detect price increases due to collusion and hoarding or other practices that disrupt market order.

Measures to boost local consumption will also be implemented to revitalize the local economy. During the '2026 Gyeonggi Province Big Sale,' which will be held from March 20 to 29, up to a 20% cashback benefit will be provided for purchases made with the Gwangju Love Card at seven major local commercial districts, including Gyeongan Market. In addition, to commemorate the Gyeonggi Provincial Sports Festival in April, an additional 10% cashback will be offered for payments of 10,000 won or more at 'Good Price Stores' and stores participating in the sports event.

Support will also be expanded for 'Good Price Stores' that contribute to price stabilization. The 'Dining Out UP! Day,' which was previously held once a month, will be expanded to once a week, and public officials will be encouraged to use these establishments to strengthen cooperation with local small business owners.

Measures to support businesses have also been prepared. To prepare for a prolonged situation, the city will promote measures such as extending deadlines or allowing installment payments for local taxes, including acquisition and local income taxes, for affected companies. Furthermore, on April 3, the city will host a 'Local Outstanding Company Product Presentation' to help local companies expand their sales channels, and during April, a 'Local Economic Vitalization Briefing' will be held to review the progress of policy implementation.

In addition, cooperation with the Gwangju branch of the Gyeonggi Credit Guarantee Foundation, the Gyeonggi Institute of Economics and Science, and others was discussed, including preferential limits for special guarantee support, expedited review processes, and the operation of a business damage reporting center for small businesses and companies facing management difficulties. The city will also maintain regular communication channels with business organizations such as the Gwangju Small Business Association, merchant associations, the Gwangju-Hanam Chamber of Commerce and Industry, and the Businessmen's Association to gather information on market trends and management challenges by industry and to reflect these in policy decisions.

Mayor Bong Sehwan stated, "The surge in international oil prices is an issue that can have a significant impact on local prices and corporate management. We will mobilize every possible administrative tool, from price monitoring to tax support and expanding sales channels for companies, to implement stabilization measures that citizens can truly feel."

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