Fiscal Management - The provincial general public budget revenue for 2024 totaled 674.8 billion, with expenditures of 670.81 billion, resulting in a carryover of 3.99 billion to the next year [7] - The provincial government fund revenue reached 310.17 billion, with expenditures of 307.9 billion, leading to a carryover of 2.27 billion [7] - The social insurance fund budget showed a revenue of 440.27 billion and expenditures of 405.23 billion, ending with a surplus of 35.03 billion [7] Audit Findings - Irregularities in fiscal revenue organization were noted, with 1 city and 17 counties implementing policies linked to local fiscal contributions, resulting in a disguised return of 737 million [11] - Ineffective management of existing funds led to 1.991 billion remaining unallocated, while 1.297 billion in land transfer fees and project surplus funds were not collected [11] - The responsibility for resolving hidden debts was inadequately enforced, with 1 city and 3 counties failing to address 2.582 billion in hidden debt [11] Debt Risk in State-owned Enterprises - A special audit revealed that 1 city and 6 counties did not effectively promote the classification transformation of 12 enterprises, failing to detach government financing functions [24] - Misrepresentation of assets occurred, with 3 counties improperly injecting public assets into enterprises, inflating assets by 1.173 billion, and 2 cities and 3 counties transferring municipal infrastructure assets, resulting in 16.785 billion in inflated assets [24][25] - Instances of abuse of power and corruption were identified, including a county investment enterprise that failed to follow decision-making procedures, leading to asset losses [25] Investment and Economic Development - The government aims to enhance economic recovery through active fiscal policies, including the issuance of special bonds totaling 150 billion for major projects [4] - The province secured 562.5 million in special long-term bonds to stimulate consumption, projected to increase retail sales by approximately 70 billion [4] - The province's disaster recovery efforts post-flooding received 122.19 billion in national bond funding, with local contributions of 6.63 billion [5] Audit Rectification Efforts - A comprehensive rectification framework was established, addressing issues such as improper management of special bonds and budget performance, with a completion rate of 95.33% for rectification of 1,371 identified issues [6]

Core Viewpoint - The South Korean government has borrowed a record 113.9 trillion won from the Bank of Korea in the first seven months of this year, raising concerns about deteriorating fiscal management amid a significant drop in tax revenues [1][2]. Group 1: Borrowing Details - The borrowing amount of 113.9 trillion won represents an 8.4% year-on-year increase and surpasses the borrowing during the COVID-19 pandemic in 2020, which was 90.5 trillion won [1]. - The borrowing through the "Bank of Korea negative passbook" has been substantial in most months, with notable amounts such as 40.5 trillion won in March and 25.3 trillion won in July [2]. - The total borrowing limit for this temporary loan system is set at 50 trillion won, which must be repaid by mid-January of the following year [1]. Group 2: Fiscal Management Concerns - The high reliance on this temporary loan tool indicates a significant imbalance between fiscal revenues and expenditures, raising alarms about the sustainability of government finances [2][3]. - Critics, including members of the National Assembly, have pointed out the contradiction in the ruling party's stance on borrowing, highlighting past criticisms of such practices [2]. - The government maintains that aggressive fiscal policies are necessary to support economic growth, despite the potential risks associated with continued borrowing [2][3].

Core Viewpoint - The article emphasizes the historical experience of medieval England in maintaining currency stability through institutional reforms, which provides valuable insights for modern digital currency governance [1][2]. Group 1: Currency Stability in Medieval England - Unlike other European countries that frequently debased their currencies to increase fiscal revenue, the English government adopted a more prudent approach, maintaining currency unity and value stability by not reducing coinage quality [4][6]. - The core of this policy was to uphold currency credit and ensure market trust in currency value, reflecting the government's long-term vision in fiscal management [4][6]. - Centralized minting, the introduction of a pricing system for mints, and periodic devaluation were key strategies that helped maintain currency stability, making English currency one of the most stable in Europe [4][6]. Group 2: Government's Role in Currency Management - The stability of medieval England's currency was a rational choice by the government, balancing short-term interests with long-term credit, avoiding inflation and market trust crises caused by currency devaluation [6]. - Legislative measures were implemented to protect currency from counterfeiting, clipping, and the influx of foreign coins, establishing a stringent currency credit system [6]. - The 1279 Currency Act set clear standards for coin weight and quality, with severe penalties for violations, demonstrating the importance of legal frameworks in ensuring stable currency circulation [6].

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, emphasized that fiscal management is the responsibility of the government and the cabinet [1] Group 1 - The statement highlights the separation of responsibilities between the central bank and the government regarding fiscal policy [1]