ARIRANG NEWS 18:00
Title: President Park Geun-hye says it′s time to focus on economic revival, social reforms
Inviting all members of the ruling Saenuri Party for a luncheon at her office, President Park Geun-hye said it′s now time to focus on reviving the economy and reforming Korean society.
The president, who marks the mid-point of her five-year term, specifically sought the party′s cooperation in reforming the country′s labor market, aimed at creating more jobs and bringing down youth unemployment.
President Park also asked the ruling party lawmakers to do everything they can to get reform- and economy-related bills passed in the upcoming regular parliamentary session.
The president has put forth reforms in four major sectors, involving public, labor, education and finance... as her top priorities for the second half of this year.
Ruling party leader Kim Moo-sung pledged his party′s support for President Park′s reform drive.
Title: Gov′t announces further measures to boost domestic consumption
And as part of efforts to boost the economy,... the government has unveiled new plans to stimulate spending.
Those who are about to buy home appliances or automobiles would want to take a careful listen at the measures that kick off tomorrow.
Song Ji-sun reports.
MERS - Middle East Respiratory Syndrome - has impacted Seoul more than last year′s Sewol-ho ferry disaster... in terms of recovering domestic consumption.
Retail sales and the service sector contracted at their sharpest rates in four years in June... with consumption sliding point-3 percent from the first quarter.
Deeming the recovery pace insufficient, Seoul announced new measures to rev up domestic consumption.
Starting Friday... individual consumption tax on vehicles and large electronic goods like air conditioners... will be reduced by 30-percent until the end of this year.
This means the popular mid-sized sedan Sonata will cost consumers about 420-dollars less.

"The benefits will only last until the end of the year for the reduction to be effective in boosting demand."
The Korea Grand Sale that started on fourteenth of August... will continue well into October... as Seoul hopes to re-attract Chinese visitors to the country during China′s National Day holiday that begins on the first of October.
The Grand Sale will also be extended to traditional markets ahead of Korea′s Chuseok holiday in September.

"We want to create a boom in consumption that′s been temporarily suppressed due to extraordinary circumstances."
Although the set of measures could reduce the amount of taxes collected... the government believes it could offset losses through increased consumer spending.
Korea′s Finance Ministry estimates that these measures will raise the country′s annual economic growth rate by point-zero-2-5 percentage points.
Song Ji-sun, Arirang News.
Title: S. Korean military relaxes high-alert posture at border
The two Koreas are lowering their defense p

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