Ex-finance minister to be 3rd Moon appointee to join opposition in presidential poll

Former Finance Minister Kim Dong-yeon answers reporters' questions before entering Myeongdong Catholic Cathedral in central Seoul to volunteer in offering free meals to the homeless, June 20. Yonhap

By Jun Ji-hye

Former Finance Minister Kim Dong-yeon has indicated his intention to run in the presidential election scheduled for next March.

He has yet to clarify which political camp he will join, but is most likely to run as an opposition candidate, considering that he met recently with a former leader of the conservative main opposition People Power Party (PPP), and published a book criticizing the Moon Jae-in government's economic policies.

This would make Kim the third person who served in a high-ranking position in the Moon administration to run as an opposition candidate. Former Prosecutor General Yoon Seok-youl and former Board of Audit and Inspection Chairman Choe Jae-hyeong have already declared their presidential bids ― Choe has joined the PPP, while Yoon, who is currently an independent focused on expanding his political influence, has also signaled that he could join the party.

During an interview with CBS radio, Monday, Kim strongly signaled his willingness to run for the presidency, pledging to “devote myself to the people and the future of the country.”

“I received many benefits from the country while having been in public office over the past 34 years. It is certain that I should serve my country,” he said.

In his book published the same day, Kim directly criticized President Moon's economic policies focused on income-led economic growth, saying that economic growth cannot be accomplished if the government focuses only on increasing wages.

He said the Moon administration failed to evaluate whether the market could accept the higher minimum wage increases, admitting he had clashed with Cheong Wa Dae over the policy.

Currently, he is keeping his distance from both the ruling Democratic Party of Korea and the PPP, but he met with former PPP interim leader Kim Chong-in, widely seen as a “kingmaker” in presidential elections, July 16.

After this meeting, the former finance minister told reporters, “Changing political power is more important than changing the government or regaining power.”

This is raising the likelihood for him to focus on expanding his political influence for the time being without joining a specific party, as Yoon is doing.

Kim was President Moon's first minister of economy and finance until December 2018.

He resigned from the top post at the finance ministry after coming into conflict with Cheong Wa Dae over the minimum wage increases.

He also served in various posts related to finance in the previous Lee Myung-bak and Park Geun-hye governments.

Former Prosecutor General Yoon Seok-youl declares his presidential bid during a press conference held at Maeheon Yun Bong-gil Memorial Museum in Seoul, June 29. Joint press corps

Since the announcements of their presidential bids, Yoon and Choe have also criticized the Moon government.

Yoon, when declaring his presidential bid, June 29, slammed the government for “disrupting constitutional principles and the rule of law.”

Choe made similar arguments in his message marking Constitution Day, which fell on Saturday, saying the government has “not complied with legal procedures.”