Finance minister vows to reflect market voice in economic policy

Dec 13, 2018, 09:13 am

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Hong Nam-ki, the new deputy prime minister and finance minister/ Photographed by Song Eui-joo

By AsiaToday reporter Ahn Jong-ho

“The policy that differed from the market expectation will be complemented with the voice of the field,” said the new deputy prime minister and finance minister.

Deputy prime minister and minister of strategy and finance Hong Nam-ki attended a meeting of economy-related officials on Wednesday, and said, “We will adjust the rate if necessary to reflect the voice of the market involving issues such as minimum wage hike and 52-hour work.”

“While maintaining the three-axis economy of income-led growth, innovation growth, and fair economy designed by the first economic team, we will focus on enhancing economic vitality and improving our economic condition,” Hong said. “I will replace the economic ministerial meeting with an economic stimulus measure meeting for a limited time.”

“The driving force of economic vitality is the people, and the government is a supporter of the people. We will be an economic team that solves issues in the field,” he said.

Hong introduced the economic policy plans for next year with four major directions that include addressing investment difficulties through systematic improvement, improving economic condition and structure, strengthening ways to help needy classes, and responding to future challenges.

The meeting also discussed ways to reform SME’s smart manufacturing and smart industrial complexes, to revitalize auto parts industry, and to conduct community-friendly social overhead capital (SOC) plan.

On the other hand, the deputy prime minister briefed Moon on the nation’s current economic situation and its economy policy direction for next year. Hong told the president that he would have a coordination meeting with economy-related ministers and senior presidential secretaries. Moon stressed that the meeting should be conducted transparently.

Moon also said that he would discuss the policy direction for next year by chairing an expanded meeting of his ministers and secretaries related to the economy this coming Friday.

#Hong Nam-ki #economic policy #Moon Jae-in