Chuncheon’s third-quarter budget execution reaches 111.7% as city steps up efforts to revive the local economy

[Financial News, Chuncheon = Kim Gi-seop, staff writer] Chuncheon is stepping up efforts to revive the local economy, revising 14 policies, including lowering the threshold for designating alley-style shopping districts to 15 stores.
According to Chuncheon City on the 5th, Mayor Yuk Dong-han chaired the 28th Livelihood Economy Policy Council that day in the city hall’s small conference room, reviewing progress on policy improvements, the accelerated execution of public spending and commercial district revitalization projects. The meeting also reviewed recent trends in local prices and employment.
The city lowered the number of stores required to designate an alley-style shopping district from 25 to 15, allowing even small commercial districts to take part in support programs. Since last October, it has been selling mobile gift certificates usable exclusively on the public delivery app Ttaenggyeoyo at a 15% discount. Until the 15th, customers who pay by mobile using Chuncheon Love Gift Certificates will receive an additional 5 percentage points back.
The city also eased the burden on businesses. It shortened from two years to one the operating-history requirement for existing companies seeking investment attraction subsidies and the required residency period at a startup incubator for start-ups. It also extended interest support for loans to small and medium-sized enterprises and small business owners to up to five years. Employees of small and medium-sized enterprises who do not own homes can borrow up to 20 million won for a rental deposit interest-free for up to four years.
The city also addressed everyday inconveniences. On weekdays, parking enforcement now ends at 7:30 p.m. instead of 8 p.m., and the lunchtime suspension of enforcement has been extended until 2 p.m. The standards for design review of small buildings have also been eased.
The city’s budget execution results also stand out. In the third quarter, it spent 107.5 billion won on consumption and investment—11.3 billion won more than the target of 96.2 billion won—for an execution rate of 111.7%, the second-highest among the province’s 18 cities and counties. The second supplementary budget for this year includes 70.3 billion won for the local economy and welfare.
The city is also accelerating efforts to revive commercial districts in the old downtown. It was selected in an open call by the Ministry of SMEs and Startups for an 8.5-billion-won Geunhwa-Soyang Commercial District Revitalization Project and a 460-million-won Joun-dong Alley Commercial District Development Project. The Geunhwa-Soyang project will create a commercial district designed to encourage longer stays, linked to cultural and tourism resources in the area around Soyang-ro 1-ga, from next year through 2031. The city plans to pursue further open-call projects for old-downtown areas including Myeong-dong, Jungang Market and Yukrim-gogae, and to continue follow-up measures in each sector through the end of the year.
“Changes that may seem small, such as ending enforcement 30 minutes earlier and reducing by 10 the number of stores required for a shopping district, have a big impact on residents’ daily lives,” Chuncheon Mayor Yuk Dong-han said. “Through the end of the year, I will check one by one whether the 14 policy improvements and commercial district projects are working properly on the ground.”

[email protected] Kim Gi-seop Reporter