Democrats Nominate 'Economic Expert' Hong Seong-guk as Appointed Supreme Council Member... Lee's Outreach Expansion

Lee Jae-myung, leader of the Democratic Party of Korea, is listening to the remarks of Chairman Hong Seong-guk at the Emergency Economic Inspection Meeting held at the National Assembly in December last year. Photo by Kim Hyun-min

The Democratic Party of Korea has decided to appoint former lawmaker Hong Seong-guk, known as an "economic expert," as the successor to Joo Cheol-hyun, a Supreme Council member who recently resigned.

Kim Yoon-duk, the party's Secretary-General, stated at a press briefing held at the National Assembly on the 2nd, "This appointment is intended to make overcoming the economic crisis the Democratic Party's top priority."

Inside and outside the party, this move is interpreted as one of Lee Jae-myung's efforts to "expand the party's reach" in preparation for an early presidential election. It is seen as a strategic move to highlight the Democratic Party's governing capabilities and thereby attract centrist voters. Former lawmaker Hong started his career as a regular employee at a securities firm, rose to become the head of the Daewoo Securities Research Center, and later the president of Mirae Asset Daewoo. He currently serves as the chairman of the Democratic Party's National Economic Advisory Council.

Ahead of the 2020 21st general election, he joined the Democratic Party as a recruited talent and was strategically nominated in the Sejong Gap constituency, winning the election. However, he announced he would not run in last year's general election, stating that he "felt the limitations of a backward political structure where even objective claims were disparaged as party interests." Notably, former floor leader Park Kwang-on, who is classified as part of the anti-Lee Jae-myung faction, led the think tank "Seventh Country LAB," to which Hong also belongs.

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