Gyeonggi Province implements austerity measures amid fiscal crisis

Gyeonggi Province Governor Chu Mi-ae has announced intensive austerity measures to address a severe fiscal crisis. During the 393rd extraordinary session of the Gyeonggi Provincial Council, Chu stated that she will not include any new projects for her own campaign pledges in the current supplementary budget or the upcoming annual budget.

The province is re-evaluating 1,355 projects, cutting administrative expenses, and postponing non-urgent tasks. The supplementary budget totals approximately 42.2 trillion won. While the province is reducing local tax revenue projections due to a decline in real estate transactions, it is prioritizing essential welfare services, including elderly care, school meals, and support for low-income children.

In response, Gyeonggi Provincial Council Chairman Nam Jong-seop has called for improved communication between the provincial government and the council. Nam emphasized that the executive branch must engage more actively with the council to ensure that budget cuts are transparent and that essential services are not interrupted. He also highlighted the need for long-term structural reforms to address the province's vulnerable revenue system and advocated for stronger fiscal decentralization.