Finance Minister Nominee Choo Kyung-ho Confirmation Hearing Report "Adopted by Consensus Without Vote"

"Possesses Both Political Experience and Economic Policy Implementation Skills"
Second After Han Hwajin, Minister of Environment

On the 2nd, Choo Kyung-ho, the candidate for Deputy Prime Minister and Minister of Economy and Finance, attended the confirmation hearing held at the National Assembly and received a report from Ministry of Economy and Finance officials before the hearing began. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Lee Hyun-joo] The National Assembly's Planning and Finance Committee on the 3rd adopted the confirmation hearing report on Choo Kyung-ho, the nominee for Deputy Prime Minister and Minister of Economy and Finance, by consensus without a vote.

In the report, the committee mentioned that the nominee "is evaluated to have well-rounded political experience and capabilities in implementing economic policies." It also stated that the nominee expressed efforts to overcome low growth and polarization through economic policy management led by the private sector, market, and enterprises, as well as improvements in taxation and regulation. Furthermore, "Considering the current economic situation and the need to prioritize resolving challenges in our economy through managing domestic and international macroeconomic risks, and comprehensively taking into account the nominee's policy will and conviction, most hearing committee members judged that he would be able to perform his duties smoothly," it added.

However, regarding the Lone Star sale of Korea Exchange Bank incident, "The nominee received a cautionary disposition in the Board of Audit and Inspection's audit results, and considering that Lone Star filed an investor-state dispute settlement (ISDS) lawsuit against the Republic of Korea government which is still ongoing, there were remarks that the nominee should bear responsibility as the person in charge at the time." Therefore, due to suspicions related to the Lone Star incident, concerns over conservative fiscal management, and changes in stance on taxation compared to when he was a member of the Planning and Finance Committee's Tax Subcommittee, some minority hearing members judged the nominee to be inappropriate for the position.

Choo Kyung-ho became the second nominee to pass the hearing hurdle among the first-term cabinet nominees of the Yoon Suk-yeol administration, following Han Hwa-jin, the nominee for Minister of Environment.

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