The government of Gangwon province, to which Pyeongchang belongs, said it made the decision because it needs a "growth engine" for the province, and it expects unspecified "more favorable conditions" in the next bid.
"Hosting Winter Olympics still remains the yearning" of Gangwon province, the local government said in a statement Monday, calling the Games a "springboard" for the region's growth.
Last month, Pyeongchang, located 175 kilometers (110 miles) northeast of Seoul, lost the 2014 Games to Russia's Sochi by a margin of four votes. Four years ago, Canada's Vancouver won the 2010 Games after beating Pyongyang by a margin of three votes.
The head of Russian Technologies, Sergei Chemezov, clarified the fate of anti-aircraft guided missiles that Russia was supposed to deliver to China
The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13