Economy Deputy Prime Minister Nominee Choo Kyung-ho: "Price Stability Will Be My Top Priority"

by Mun Jewon

Published 10 Apr.2022 14:51(KST)

On the morning of the 7th, Choo Kyung-ho, the secretary of the Planning and Coordination Subcommittee of the Transition Committee, is answering questions related to 'organizational restructuring' at the joint press conference of the Transition Committee held at the Financial Training Institute in Tongui-dong, Jongno-gu, Seoul. Photo by Transition Committee Press Corps

Chu Kyung-ho, the nominee for the first Deputy Prime Minister and Minister of Economy and Finance under the Yoon Suk-yeol administration, emphasized on the 10th that "price stabilization will be prioritized above all else."

Chu made these remarks at the press conference held at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul, where President-elect Yoon Suk-yeol announced his first cabinet appointments.

Chu stated, "the economic situation is extremely severe. Domestic prices are rising sharply, and the growth rate is slowing down, and since household debt and national debt are at record highs, the policy tools available from a macro perspective are also limited."

He continued, "Since the new government's top priority is stabilizing prices and ensuring the livelihood of ordinary citizens, once the new government officially launches, economic ministers will work as one team to prioritize and address the urgent issue of price stabilization."

He added, "I will listen to many experts and field reports, as well as the voices of the people, to find solutions."

President-elect Yoon said of Chu, "He has been highly evaluated for his planning and coordination abilities regarding national issues," and "based on his expertise in public office and experience in legislative activities, we expect him to lay the foundation for our economy's leap forward and to communicate smoothly with the National Assembly."

Chu is a career economist who has served as Vice Chairman of the Financial Services Commission, First Vice Minister of Economy and Finance, and Director of the Office for Government Policy Coordination. He served as a member of the 20th and 21st National Assembly, participating in the National Assembly's Planning and Finance Committee and the Special Committee on Budget and Accounts. At the Transition Committee, he is serving as the secretary of the Planning and Coordination division, overseeing overall national tasks.