August 20, 2015 10:30
Changwon in South Gyeongsang Province is trying to revitalize the local economy, which was hit hard by the outbreak of Middle East Respiratory Syndrome in late May.
City officials have launched a 100-day project to revive the local economy by boosting private spending.
Market traders in the southeastern city will offer huge discounts, while city officials will provide support in promoting and selling local specialties in the town's open-air markets.
The city will allocate W5 billion from its coffers to operate tour buses shuttling visitors in and out of the town, and front-load W1.7 trillion of its second-half budget by November to undertake pump-priming measures (US$1=W1,184).
City officials aim to motivate residents to take part in revitalizing the local economy.
Moyor Ahn Sang-soo said, "Private consumption is essential to reviving a slow economy so it can serve as the foundation for the city's growth."
City officials estimate it will require W6.4 billion to execute the project and plan to tap into the city's tax revenues.
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