Seoul Mayor Oh Se-hoon criticized the government’s expansionary fiscal policy, arguing that next year’s record budget could increase liquidity, reignite inflation and intensify property-market pressures in Seoul. The government’s budget plan totals about 821 trillion won, or 820.9 trillion won in the official figure, up 93 trillion won, or 12.8%, from this year’s main budget. Oh said the plan assumes sharply higher tax revenue from a semiconductor boom while national debt is projected to rise by more than 100 trillion won and surpass 1,500 trillion won. He cited a parallel movement between the market liquidity ratio, M1/M2, and housing prices, and urged the National Assembly to remove populist and consumption-driven spending and cut unnecessary outlays.