Choo Kyung-ho Emphasizes 'Efficiency and Innovation' within the Ministry of Economy and Finance... "Faithfully Reflecting the New Government's National Philosophy"

First Expanded Executive Meeting After Inauguration

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over the expanded executive meeting of the Ministry of Economy and Finance at the Government Complex Sejong on the 23rd. 2022.5.23 [Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho urged on the 23rd to "fully reflect the new government's national philosophy and tasks" ahead of major policy announcements such as the economic policy direction and tax reform plan scheduled soon.

On the same day, Deputy Prime Minister Choo presided over the first expanded executive meeting since his inauguration, held at the Government Complex Sejong, with all senior officials including general managers participating for the first time since the COVID-19 outbreak. He urged, "Please focus your capabilities on key tasks with extraordinary determination to overcome the very serious and urgent situation our economy is facing."

Deputy Prime Minister Choo cited "price and livelihood stabilization" as the top priority policy, ordering, "Make thorough preparations for the swift execution of the second supplementary budget bill after its passage in the National Assembly and for measures to stabilize prices and livelihoods." He added, "Please thoroughly prepare policies such as the government's economic policy direction, public institution innovation plans, preparations for the National Fiscal Strategy Meeting, tax reform plans, and the next year's budget formulation," emphasizing, "In this process, faithfully reflect the new government's national philosophy and tasks."

He also said, "Do not neglect the management of household debt and national debt," and instructed, "Strengthen measures to establish a sound fiscal stance, including the preparation of fiscal rules." In particular, regarding the recently increased volatility in the foreign exchange and financial markets, Deputy Prime Minister Choo directed, "Conduct thorough monitoring and re-examine contingency plans."

Regarding regulatory reform, he said, "Actively gather opinions from companies, experts, research institutes, and NGOs, and actively tackle large-scale regulations," adding, "Labor and education reforms are also tasks that can no longer be postponed." He further stated, "There must be no neglect in policy review and development for socially vulnerable and disadvantaged groups."

Deputy Prime Minister Choo emphasized to Ministry of Economy and Finance staff that work methods must be radically changed to solve these numerous pressing issues. To this end, he urged minimizing unnecessary meetings, preparation of materials, and event or protocol-related documents, activating oral reporting, and focusing actual working hours on 'policy development.' The meeting on this day was also conducted without any written materials to minimize the burden of meeting preparation on employees.

He stressed that accurate and cool-headed analysis is important to improve policy quality, ordering, "Do not try to show only the good aspects of your assigned tasks; say no when it is no."

Deputy Prime Minister Choo emphasized a "competent and capable government" and announced plans to improve personnel practices within the Ministry of Economy and Finance, which have been centered on seniority by examination group and order of entry. Incentives for personnel preference will be applied to employees who have produced results.

He said, "The expanded executive meetings will be operated as an active communication platform where diverse information and policy ideas are shared and spread, and work methods are innovated, but in a way that does not burden employees with work."

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