Jun Ji-hye, a reporter at the finance desk of The Korea Times, focuses primarily on economic policy and government agencies, mainly covering the Ministry of Finance and Economy, the Ministry of Budget and Planning, the National Tax Service and the Korea Customs Service. She previously covered financial authorities, including the Financial Services Commission and the Financial Supervisory Service, and earlier worked on the political, city and business desks, reporting on a wide range of issues.
Finance minister nominee names inflation control top mission
Lee Hyoung-il, first vice finance minister and nominee for deputy prime minister and minister of finance and economy, speaks at a press briefing at Government Complex Sejong, Wednesday. Yonhap
By Jun Ji-hye
Lee Hyoung-il, nominee for deputy prime minister and minister of finance and economy, vowed to make price stability a top priority Wednesday, calling grocery prices a key gauge of the economic team’s performance.
“Price stability is the foundation of people’s livelihoods and the starting point for narrowing economic polarization,” Lee, currently the first vice finance minister, said during a press briefing. “High prices weigh more heavily on vulnerable groups, making inflation control the economic authorities’ biggest mission.”
Lee also said he would seek to roll out additional measures to keep prices of key Chuseok holiday items in check.
The remarks came after the government announced Tuesday that it would release a record 180,000 tons of Chuseok food staples and offer 100 billion won ($73 million) in discounts on agricultural, livestock and fishery products.
During a Cabinet meeting the same day, President Lee Jae Myung also urged the nominee to keep a close watch on prices of Chuseok staples, joking that he could withdraw the nomination if prices were not brought under control. The nominee responded that he would “definitely get them under control.”
At Wednesday’s press briefing, the nominee pledged to use the fiscal space created by strong semiconductor exports and other factors to provide bold support for vulnerable groups, including young people, small businesses and small and medium-sized enterprises, so they are not left behind by economic growth.
Outlining plans to improve coordination across ministries, he said that, if appointed, he would establish an ad hoc meeting to bring together relevant ministers and officials from the presidential office to resolve differences over major issues with significant economic implications.
“I will work to accelerate economic growth and solidify the rebound in potential growth,” he said.
Born in 1971, Lee would become the first person born in the 1970s to serve as Korea’s top economic policymaker if appointed, fueling hopes that he will bring a fresh dynamic to the bureaucracy.
He also faces a series of major economic challenges from the outset.
Among his immediate priorities will be refining and securing parliamentary approval for the government’s proposed tax reform package, along with stabilizing the country’s housing market.
He will also have to navigate the National Assembly’s review of the 2027 budget proposal and its annual audit of government ministries, while making the case for large-scale fiscal investment without compromising fiscal soundness.