President Moon receives finance policy briefing

기재부 핵심정책토의 개최...

The President's briefing from the finance ministry covered how the government will manage and spend public money to achieve the goals of the administration.
It's looking to save money and raise more where it can, while adjusting policies to encourage innovation and foster new industries.
Our Oh Soo-young tells us more.
The finance ministry on Friday, briefed President Moon Jae-in... on how the country's balance sheets will be managed... to support the government's policy agenda... on inclusive, people-centered growth.
The ministry said it was committed to securing enough public funds,... through reforms in government expenditure this year... that would save roughly nine-point-seven billion U.S. dollars.
Also,... the ministry expects to raise some 20-point-eight billion dollars... through its tax revision plan... submitted to parliament earlier this month.
It further explained... the tax reform is aimed at supporting job creation... and fair income redistribution... by raising taxes on high-income earners, and large corporate entities.
Moreover,... the government hopes to strengthen transparency, and public trust in the fiscal system,... by promoting participation in the budgeting process.
Another core focus of the finance ministry's report,... was on boosting GDP growth to above three-percent... through innovation.
To create a friendly environment... for new technologies and business ventures,... the ministry aims to upgrade key IT infrastructure... such as Cloud computing and smart manufacturing networks.
It also plans to launch intitiatives... to promote new industries and create an eco-system... where SMEs and big firms can co-exist, and thrive together.
Additionally, a network of creative cities and 70 "creative labs",... would support innovative ventures and start-ups,... and also work with universities and corporations.
The ministry also stressed the need to loosen regulations... to promote fluid exchange and collaboration between people, data and spaces.
Oh Soo-young, Arirang News.

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