Anchor Raised Choi Sang-mok "Ministry of Economy and Finance's Crisis... Solutions from the Field"

Inaugural Address of Choi Sang-mok, Deputy Prime Minister for Economic Affairs

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated in his inaugural speech on the 2nd, "This year, the Ministry of Strategy and Finance faces many challenges," adding, "We will make every effort to quickly stabilize the inflation trend and spread the recovery momentum of exports to all areas of people’s livelihoods and domestic demand to restore the livelihood economy."

Deputy Prime Minister Choi first assessed the current economic situation, saying, "The difficulty of the challenges we need to solve is increasing," and diagnosed, "Complex issues involving society, science and technology, and economic security intertwined beyond the economy are increasing, but we are falling behind the pace of change and becoming distant from the field."

He emphasized that the Ministry of Strategy and Finance must truly become the nation's comprehensive department for 'planning' and 'finance.' He also stressed that potential risks such as real estate project financing (PF) and household debt, identified as triggers of our economic crisis, will be thoroughly managed.

Newly appointed Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is speaking about recent economic issues at the Macroeconomic and Financial Meeting held on the 29th at the Bankers' Hall in Jung-gu, Seoul. Attending the meeting were Lee Chang-yong, Governor of the Bank of Korea; Kim Ju-hyun, Chairman of the Financial Services Commission; Lee Bok-hyun, Governor of the Financial Supervisory Service; and Park Chun-seop, Senior Secretary for Economic Affairs. Photo by Jo Yong-jun jun21@

He said, "We must create a 'dynamic economy' where innovation and mobility circulate virtuously so that our economy can continuously create quality jobs," and emphasized, "We will also lead policies for future generations."

Deputy Prime Minister Choi urged the Ministry of Strategy and Finance staff to demonstrate leadership as 'problem solvers' specialized in tackling the complex and difficult challenges the ministry faces. He said, "We must actively present future strategies and implementation plans in key areas to the public to ensure the sustainability of our economy and finances," adding, "We need to remove barriers between departments to enable policy innovation through active discussions and exchange of ideas."

He also called for communication with the field in policy development. Deputy Prime Minister Choi reiterated, "We must find problems and solutions in the field throughout the entire process of policy formulation and execution," and urged, "Let’s create policies that the people want in the direction the people want."

Finally, he added, "The Ministry of Strategy and Finance must also demonstrate creativity in overcoming the distance between Sejong and Seoul," and said, "We must upgrade to a 'smart' Ministry of Strategy and Finance through active use of IT technology and innovation in work methods."

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