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Chungnam to Build Economic Crisis Response System
According to Yonhap News, 

(HONGSEONG=Yonhap News) On November 29 at the Chungcheongnam-do Development Corporation, Sounth Chungcheong Province held an advisory meeting on building a local economic crisis response system with some 40 experts and representatives of the Bank of Korea, the Korea Center for International Finance, private economic research institutes and universities.

When implemented, the system will be the first of its kind for a local government, and will be used to prevent local economic crises by making an early detection of a potential cause based on industry trends and economic indices.

The economic structure of South Chungheong is highly dependent on China, and products (such as semoconductors) made by large companies make up the biggest share of the province's exports, making the local economy vulnerable to external changes.

At the meeting, participants discussed ways to raise the reliability of the Chungnam-tyoe Early Warning Index, and improve the details of the province's crisis response manual and related policies.

The province plans to build the system by the end of next month, and initiate operation on a full scale next year by an exclusive organization in the Chungnam Institute.

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Source Text

Source: Yonhap News (Nov. 29, 2017)

** This article was translated from the Korean.

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