Anchor: In a bid to boost domestic demand, the government has decided to resume reducing excise taxes on passenger cars until June and inject an additional 21 trillion won into the economy. To revive exports, the government will target markets in China and Iran, and actively support promising export items such as cosmetics. 
Our Bae Joo-yon has more.
 
Report: The government held a meeting of economy-related ministers on Wednesday and vowed to mobilize all means to revive domestic demand and exports in the first quarter.
 
First, the government decided to resume excise tax breaks on automobile purchases until June. The government will also retroactively apply the cut to purchases already made this year even though the temporary tax reduction expired late last year.
 
With excise taxes levied on vehicles being slashed from five percent to three-and-a-half percent, buyers of mid-sized cars will be able to save between 300-thousand and 500-thousand won.
 
The government will also inject an additional 21 trillion won, or around 17-point-three billion U.S. dollars, into the struggling South Korean economy in the first quarter to boost consumption.
 
The government also plans to increase the number of tax refund shops in key department stores and shopping malls in a bid to attract more Chinese customers during the coming Chinese Spring Festival holiday.
 
Also on Wednesday, the government and economic organizations held a meeting on ways to boost exports and agreed to highlight and support new key export items.
 
They also decided to develop new export markets and actively make use of free trade agreements. In a bid to do so, the government and economic organizations plan to expand the number of dispatched trade delegations from 73 to 109. In particular, participants decided to focus their attention on advancing into Iran and China’s markets.
Bae Joo-yon, KBS World Radio News.