The South Korean government released the economic development plan called "New Deal" on the 14th, planning to invest more than 100 billion US dollars in the next five years to vigorously develop the digital economy and green economy, so as to cope with the impact of the new epidemic and promote the transformation and upgrading of South Korea's economy.

On the same day, the president of the Republic of Korea said at the policy launch ceremony that he hoped to transform South Korea from economic followers to leaders, transform from energy dependent economy to low carbon economy, transform unequal society into an inclusive society, and fundamentally change the economic and social structure of South Korea.

The measures launched by the South Korean government this time mainly focus on "digital" and "green", focusing on 10 areas, including "data dam", artificial intelligence government, intelligent medical infrastructure, etc.

The South Korean government said it would push forward the implementation of the "New Deal" with unprecedented efforts. It plans to invest 114 trillion won (1 US dollar about 1205 won) by 2025. With the participation of local governments and private enterprises, the total investment will reach 160 trillion won.

On specific measures, South Korea's minister of planning and finance, Hong Nanji, said that in the next five years, he would invest 58.2 trillion won in the "Digital New Deal", attach importance to the development of artificial intelligence and 5g communication, including building a national 5g network and training 100000 artificial intelligence talents.

In terms of "Green New Deal", the South Korean government plans to invest 73.4 trillion won, including the transformation of 230000 energy-saving residential buildings and public buildings, the supply of 1.13 million electric vehicles to the market, the creation of intelligent green city, the increase of sustainable energy supply and the construction of industrial parks with lower carbon.

The South Korean government hopes to increase employment and improve people's livelihood through the "New Deal". The government expects that a series of measures will eventually create 1.9 million jobs.

The South Korean government also plans to invest 28.4 trillion won by 2025 to strengthen the social security network. The government plans to increase the number of people covered by the employment insurance to 21 million from 13.67 million last year, and gradually benefit the self-employed and part-time workers from the insurance program.

Hong Nanji said that the "New Deal" related projects are currently mainly driven by government investment, but the government will reform relevant regulations to encourage private enterprises to participate.

Wen Yin Yin's government will end in 2022, which means that the "New Deal" plan will run across two governments. Wen Yin said he hoped that the "New Deal" measures could be continuously promoted and improved without being affected by the change of government.

South Korea's GDP shrank by 1.3% in the first quarter of this year, its worst performance since the fourth quarter of 2008. The International Monetary Fund predicts that South Korea's economy will shrink by 2.1% this year.