Daejeon Mayoral Race Hinges on Regional Currency Debate

The upcoming mayoral election in Daejeon is heating up, with the core debate centering on the city's regional currency. Incumbent Mayor Huh Tae-jung is championing the return of 'Ontong Daejeon,' a popular local currency program he initiated during his previous term, positioning it as a key to 'minseong recovery' or people's livelihood recovery.

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We will supplement the system by providing additional benefits to traditional markets, small businesses, vulnerable populations, and youth startup merchants while stably maintaining the existing Ontong Daejeon cashback.

Huh's 'Ontong Daejeon 2.0' promises to not only maintain existing cashback benefits but also offer additional incentives for traditional markets, small businesses, vulnerable populations, and young entrepreneurs. He plans to integrate various policy allowances and support funds into the platform, aiming to create a circular economy where money circulates within Daejeon.

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It is more correct to focus support on small business owners and vulnerable populations rather than a populist handout of money.

Conversely, Mayor Lee Jang-woo, who significantly scaled back the program after taking office in 2022 and rebranded it as 'Daejeon Sarang Card,' argues that the original 'Ontong Daejeon' was a 'populist cash handout.' He contends that the city's finances cannot sustain the high cashback rates and that funds should be concentrated on small business owners and the truly needy, rather than being spread thinly across the entire populace. The debate highlights a fundamental difference in approach: one prioritizing broad economic stimulus and citizen benefits, the other emphasizing fiscal prudence and targeted welfare.

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The Ontong Daejeon project initiated in the 7th term made financial management difficult due to the cleanup. If we operate cashback like in the 7th term, it requires more than 200 billion won annually, which is difficult for Daejeon City's current financial situation to bear.