[Column] Choe Jang-su, Longest-Serving Deputy Prime Minister for Economy, Marks 3 Years in Office

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is delivering opening remarks at the meeting of ministers in charge of real estate market inspection held on the 8th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Sejong=Asia Economy Reporter Kim Hyun-jung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, will mark his third year in office on the 11th. At a briefing on next year's economic policy direction on the 9th, President Moon Jae-in mentioned, "Please carry out your role steadily until the end of your term," effectively confirming Hong as part of the 'sunjangjo' who will accompany the end of this administration.

It is expected that the taste for the person marking three years will be bitter. The worsening COVID-19 situation, still turbulent public sentiment on real estate, frequent clashes with the ruling party's presidential candidate, deteriorating fiscal soundness, and personal issues such as allegations of preferential hospitalization for his son all combine to create a complex emotional state. Considering especially that Deputy Prime Minister Hong, who hails from Chuncheon, Gangwon, has long been considered a candidate for Gangwon governor in next year's June 13 local elections, President Moon's remark, which seems to require him to completely give up on this expectation, may feel quite heavy.

In fact, since appointing Deputy Prime Minister Hong on December 11, 2018, President Moon has consistently shown trust in him. He sided with Hong on the issue of disaster relief payments, which had seen repeated confrontations with the ruling party, and during discussions on the taxation criteria for stock capital gains, after conflicts with the ruling party, he rejected Hong’s resignation and made gestures to soothe the situation.

Then, who should Deputy Prime Minister Hong reaffirm his trust with? As the economic deputy prime minister with a record-breaking term unlikely to be broken anytime soon, and as the symbol of the Moon Jae-in administration’s economic policy, the remaining task for Deputy Prime Minister Hong is to gain the trust of reasonable economic agents.

Now, beyond three years in office and with no need to cling to his position, it is time to demonstrate the resolute spirit of jijijiji (知止止止) that he has so strongly emphasized in a way that the public can feel. Looking back at the current situation where daily COVID-19 cases consistently exceed 7,000, the nationwide disaster relief payments so strongly advocated by the ruling party were baseless, and Deputy Prime Minister Hong’s words?that support should be selectively provided to the most affected groups because the future is uncertain?were correct.

As the ruling and opposition candidates’ approval ratings dance, and the National Assembly embarks on a bipartisan competition for favor, we hope the role of the economic chief, who clarifies what to protect and what to offer, will shine.

This content was produced with the assistance of AI translation services.