President Park receives first policy briefing on economy

정부1일차 업무보고, 내수-수출 균형을 통한 경제활성화
Economy-related ministries have been briefing President Park Geun-hye about their plans for 2016.
It′s the first of five sessions the president will have with various government bodies.
Hwang Ji-hye starts us off.
A total of seven economy-related government offices in Korea, including the finance and trade ministries, reported their policies for this year to President Park Geun-hye on Thursday.
The focus… is on boosting domestic demand and exports that are facing risks from uncertainties like the slowing Chinese economy.
The government has pledged to frontload this year′s budget in the first three months.
The amount will be around six-and-a-half billion U.S. dollars more than that executed in the same period last year.
It has also vowed to regularize major sales events to boost spending.
″A massive discount event will take place every November. We will also improve regulations related to visas and duty free shops to prop up consumption by tourists.″
Korea also aims to maximize the benefits coming from its FTA with China… by providing training programs for 25-thousand exporters… that don′t know how to get the most out of the trade deal.
The ministries have put an emphasis on easing regulations to boost invesment and come up with new growth engines.
Designating regulation-free areas across the country is part of the plan.
Policies to defuse the threats posed by snowballing household debt include using a state housing fund to switch mortgage loan holders′ short-term loans into longer-term loans and swap loans carrying floating rates into those with fixed rates.
The briefings… mainly come from the government′s economy management plan for 2016 that was released about one month ago.
″There are still two policy briefings on the economy to come.
To ensure that President Park Geun-hye′s three-year economic innovation plan produces tangible results,… each briefing session will focus on fostering growth engines… and creating jobs for young people.
Hwang Ji-hye, Arirang News.″

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