Gyeonggi Province is establishing the Gyeonggi Emergency People’s Livelihood Council, a joint public-private response organization, to rebuild people’s livelihoods – which have been severely damaged by political chaos, including martial law and impeachment – and is promoting field-centered measures, expanding small and medium-sized enterprise development funds and supporting emergency management funds.

On December 12, Gyeonggi Province Governor Dong Yeon Kim held the first Gyeonggi Emergency Livelihood and Economy Meeting at the Gyeonggi Provincial Government Complex, calling for swift and bold policy support to restore people’s livelihoods and expressing his intention to take responsibility and provide support as needed.

“I have been in charge of economic policy for a long time and worked hard to overcome the 1997 Asian financial crisis and the 2008 global financial crisis, but we are now facing an economic crisis like no other we have ever experienced,” said Governor Kim, explaining the reason for holding the meeting. “Today, through the Emergency People’s Economic Council, I would like to explain the general direction of the measures that Gyeonggi Province is considering, and hope to use today as an opportunity to do what we can quickly.”

“We are going through a difficult time with uncertainties caused by Trump’s election, protectionist trade and the battle for hegemony over future cutting-edge industries such as semiconductors, but the bigger issue is people’s livelihoods,” he continued, announcing that Gyeonggi Province will pursue three directions in its response to restore livelihoods: focus on the fields, respond quickly and act boldly.

“I will prioritize the fields above all else,” Governor Kim said, emphasizing, “What is important now is not grand macro-policies or policy directions, but what can be done quickly and in detail. What is needed is not the bureaucracy or the repetitive measures of the past, but bold measures that break the existing administrative framework.”

At the same time, he ordered the immediate review of special loans secured by receivables for the tourism industry and related industries, the review of policy support/financing to prepare for foreign exchange losses; financial support for small and medium-sized enterprises, small business owners and the self-employed who have reached their limits, and the establishment of a business complaint window accessible to small and medium-sized enterprises, small business owners and the self-employed and able to provide responses within 48 hours.

“I hope you will break the stable administrative framework we have been operating under and take bold action, as long as it does not violate the law or rules in the course of administrative work. If necessary, I will bear full responsibility and support my staff in their work,” said Governor Kim, once again emphasizing bold action.

In line with Governor Kim’s instructions, Gyeonggi Province will increase funds for the promotion of small and medium-sized enterprises from KRW 1.75 trillion this year to KRW 2 trillion next year so as to support the management stability of such enterprises and small business owners. In addition, the province plans to continue the KRW 300 billion in special guarantees for repayment extensions of small and medium-sized loans among small business owners, which has been in effect since September, so as to reduce the burden on small business owners, and to fully implement the “Cheer Up Go Card for Small Business” from next year to support essential operating funds for small business owners. In addition, KRW 3.5 trillion worth of local currency will be issued to stimulate consumption at neighborhood stores.

To stimulate consumption investment in cities and counties, KRW 461.7 billion in December adjustment grants (originally set for December 25) will be executed early around December 20, and KRW 749.3 billion in regional development funds and other funds will be injected early once the business plans are completed immediately after the Gyeonggi Provincial Assembly approves next year’s budget. Additionally, KRW 138.9 billion in term deposits in the Fiscal Stabilization Account will be transferred to the general account as soon as they mature to be used as financial resources, and reserve funds and special adjustment grants will be actively used for local livelihood issues to stimulate the local economy.

In the tourism sector, the Gyeonggi Tourism Organization held an emergency meeting with tourism industry representatives on December 11 to analyze damage to and suggestions for the tourism industry in Gyeonggi Province and to devise countermeasures. Gyeonggi Province plans to allocate emergency funds for business stabilization and also to engage in assertive tourism marketing, such as holding the Gyeonggi Tourism Grand Festa in January and February.

Meanwhile, the Gyeonggi Emergency People’s Livelihood Council was established in accordance with Governor Kim’s instructions. At a recent emergency meeting of the three Gyeonggi vice governors, Governor Kim said, “We need measures to support people’s livelihoods, which have been damaged by the unconstitutional and illegal imposition of martial law of December 3,” adding, “Please investigate the overall damage to the people’s livelihoods, including small and medium enterprises and small business owners, and promptly formulate tailor-made, field-oriented measures led by the Vice Governor for Economy and the Economy Office.”

The Gyeonggi Emergency People’s Livelihood Council will work with relevant public institutions such as Gyeonggi’s Economy Office and its Planning and Coordination Office, as well as the Gyeonggi Credit Guarantee Foundation and private economic stakeholders such as small business owners, traditional markets, tourism associations, and small and medium-sized enterprises, with the aim of establishing field-based recovery plans for people’s livelihoods. Initially, the focus will be on gathering real-time opinions from field workers in the regional economy, including directly affected sectors such as exports and investment, as well as culture and tourism, and formulating tailor-made measures.

To this end, an emergency economic meeting will be held at least once a week, with the Vice Governor for Economy taking the lead. The plan is to do everything possible to prepare measures to restore the people’s livelihoods by focusing on the following sectors: small and medium-sized enterprises, investment and exports, and tourism and disasters. In addition, based on the results of damage surveys by sector and industry, the province will prepare comprehensive measures to restore people’s livelihoods as a whole, if necessary, by adding other sectors such as agriculture, livestock and employment.