Jo Hae-jin: "Hong Nam-gi's Resignation Declaration, a Protest Against 'Excluding the Ministry of Economy and Finance'"

Published 05 Nov.2020 09:28(KST)

Updated 05 Nov.2020 10:40(KST)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Rep. Cho Hae-jin of the People Power Party analyzed the reversal of Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance's resignation, saying, "Wasn't there also a protest against the atmosphere that there is no need to pay attention to whatever the Deputy Prime Minister of the Ministry of Economy and Finance says?"

Rep. Cho appeared on MBC Radio's 'Kim Jong-bae's Focus' on the 5th and said, "There could be emotional factors, and it may be something accumulated over time due to a lot of bruised pride."

He explained, "From the outside, the Deputy Prime Minister's opinion, and further the Ministry of Economy and Finance's opinion, are not very important; the Blue House or the ruling party's opinion is what matters. If the atmosphere becomes such that there is no need to pay attention to whatever the Deputy Prime Minister says, then in fact, work cannot be done," adding, "I think there was also a protest against that."

Rep. Cho also pointed out that unpleasant views toward Deputy Prime Minister Hong had accumulated over time. He said, "At first, after becoming Deputy Prime Minister, he pushed forward according to his own convictions, but eventually followed the requests of the Blue House or the ruling party, and with each issue, there were comments like 'the Deputy Prime Minister gave in' or 'he raised both hands,' which were somewhat unpleasant views toward him," adding, "I think he felt that he could not assert himself because he had to bow to the National Assembly or the Blue House."

Regarding the 'major shareholder standard of 300 million won' policy, he also pointed out the problem with the perspective that views investment as unearned income. Rep. Cho said, "Whether it is our Ministry of Economy and Finance or general public opinion, the perspective that income earned through stock investment is a kind of unearned income is problematic," adding, "In a market economy system, raising capital through the stock market is very important, and if stock investment, which plays an intermediary role, is regarded as unearned income and taxed accordingly, then the policy itself has a problem with its direction."