The government decided to manage finances through a 'selection and concentration' approach that aggressively invests in institutional sectors capable of generating results.
The Ministry of Economy and Finance noted that on the 30th, during the 3rd emergency economic inspection task force (TF) meeting chaired by the president, they reported and discussed a new government economic growth strategy and direction for financial management.
This meeting was held in conjunction with the 'national fiscal strategy meeting', which outlines the budget preparation for the following year.
The government reported a direction for 'performance-based financial management' that combines strategic financial investment with intensive expenditure restructuring.
The plan is to boldly inject finances into institutional sectors capable of generating results to enhance investment performance and productivity. The goal is to achieve a 'virtuous cycle' that supports economic recovery and growth while securing medium- to long-term fiscal sustainability.
Additionally, the government plans to enhance performance and accountability while guaranteeing the autonomy of government departments and local governments, and to induce public institutions and grants research organizations to contribute to addressing national strategic agendas.
The Ministry of Economy and Finance also reported on a new government economic growth strategy based on artificial intelligence (AI) transformation and measures to enhance corporate vitality.
The ministry stated that they selected specific ultra-innovative items as goals under the principle of selection and concentration, adding, "We will mobilize all national capabilities, including research and development (R&D), startups, workforce, finance, fiscal policy, and taxation, to create tangible results in which all economic agents collaborate to produce world-leading products and services."
Additionally, a strategy to shift from unbalanced growth to balanced development was also included in the economic growth strategy.
They discussed a plan to completely reform the policy system through 'regional preference' to overcome the single-polar system in the metropolitan area, as well as measures for the coexistence of large and small businesses, strengthening the competitiveness of small businesses, resolving the dual structure of the labor market, and creating a safe working environment to overcome polarization.
Based on the discussions held that day, the Ministry of Economy and Finance plans to announce the new government's economic growth strategy in August.