Choe Sang-mok, Candidate for Deputy Prime Minister of Economy, "Will Stabilize Prices... Fully Committed to People's Livelihood"

Opening Remarks at the National Assembly Confirmation Hearing on the 19th

Choi Sang-mok, the nominee for Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 19th, "Above all, I will devote all efforts to stabilizing people’s livelihoods," adding, "Through various supports such as extending the fuel tax reduction, we will ensure that the price stabilization policy is firmly established as soon as possible."

During his opening remarks at the National Assembly confirmation hearing held that day, Choi said, "The Yoon Seok-yeol administration has been fully committed to overcoming the immediate crisis, but due to prolonged high inflation and high interest rates, as well as differences in recovery speed across sectors, many citizens have yet to feel the warmth of recovery." He proposed focusing on ▲stabilizing people’s livelihoods ▲managing potential risks in vulnerable sectors ▲enhancing economic dynamism ▲and policy efforts for future generations.

Choe Sang-mok, the candidate for Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is delivering opening remarks at a press briefing held on the 5th at the Seoul Jung-gu Community Financial Services Agency. Photo by Kang Jin-hyung aymsdream@

To stabilize people’s livelihoods, Choi emphasized that efforts to reduce the burden of major living expenses will continue to ensure that the price stabilization policy is firmly established, and that policy support will be concentrated on vulnerable sectors such as small business owners. Regarding the management of potential risks in vulnerable sectors, he explained, "We will support an orderly soft landing of real estate project financing (PF) while also seeking fundamental institutional improvement measures." He added, "Household debt will be managed so that its annual growth rate remains within the nominal growth rate, stabilizing the household debt-to-GDP ratio downward, and qualitative improvements such as expanding the proportion of fixed-rate loans will be pursued simultaneously."

To enhance economic dynamism, Choi stated, "We will improve overall economic efficiency by promoting regulatory innovation, science and technology, and fostering advanced industries to expand growth potential," and "We will reform restrictive and unfair practices and systems to ensure fair opportunities for all." He also said, "We will promote economic participation of women and youth, expand educational ladders for vulnerable groups, and strengthen protection for those facing difficulties during the innovation process." Furthermore, he expressed his intention to strengthen policy efforts for future generations by establishing fiscal rules and pursuing pension reform.