Six Cities and Five Districts of Chungcheong Province Subject to Land Transaction Surveillance

The government decided to designate six cities and five districts (1.9 billion pyong) of Chungcheong province which was raised as a proposed site for a transfer of administrative capital, as a land transaction trend surveillance sector.

Also, the government determined to reduce the telephone charges (general telephone to mobile phone), a health insurance and medicine price, and decided to reflect opinions of students and their parents in determining school fees.

The government had a ministerial meeting participated by ministers and consumer advocacies under the superintendence of Jeon Yun-Cheol, Deputy prime minister and minister of financial & economy in Gwacheon Government Complex on January 15.

In the meeting, the government concluded to designate 6301㎢(approx. 1.9 billion pyong) of six cities and five districts including Daejeon, Gongju, Nonsa, Cheongju, Yeongi, Geumsan, Cheongwon, Okcheon and Boeun as the land transaction trend surveillance sector during the month, and to surveil the transaction trend, stranger`s transaction and speculative action in an unit of two weeks.

The Ministry of Construction and Transportation plans to report the suspected speculation persons to the National Tax Service (NTS) after it catches speculators who buy or sell the large lands in Chungcheong area and metropolitan areas from last July to December through operating the land Integrated Service Network.

In particular, it will investigate the state of household transaction and grasp the borrowed name`s transaction between families through computational network and the resident registration network of the Ministry of Government Administration and Home Affairs.

The Ministry of Education will allow the college to determine the school fees through discussion with students and their parents from the first semester of the year. The increase of school fees will decline over previous years.

The government determined to add the medicine price in March, based on the result of a research on the actual condition of the medicine price, actual transaction and health insurance conducted last September and October.

Yun Dae-Hee, head of national livelihood, the Ministry of Finance & Economy said, “It is forecasted that the price of international raw materials will be uncertain and wages & house price will be raised. The consumer price increase rate is estimated at 3% a little increased over last year. We will promote the price stability countermeasure such as the foreign exchange stabilization and the wage increase within the range of a labor productivity.”

Kwang-Hyun Kim Jae-Seong Hwang kkh@donga.com jsonhng@donga.com