[News人物] 'Buldojeo' Ju Hyung-hwan, Former Minister of Industry, Appointed as Vice Chairman of Low Birthrate Committee

Joo Hyung-hwan, the newly appointed Vice Chairman of the Low Fertility and Aging Society Committee (ministerial level), is a career bureaucrat with extensive experience in both macro and microeconomics, having served as the First Vice Minister of the Ministry of Economy and Finance and as Minister of Trade, Industry and Energy. Breaking the convention of appointing scholars as vice chairmen of the Low Fertility Committee, President Yoon Suk-yeol’s decision to appoint Joo, an economic bureaucrat, reflects his intention to drive cross-ministerial policy initiatives.

Vice Chairman Joo was born in 1961 in Seoul and graduated from Seoul National University with a degree in Business Administration. He entered public service through the 26th Administrative Examination and began his career at the Fair Trade Division of the Economic Planning Board (now the Fair Trade Commission). He later worked as a section chief in the Economic Policy Bureau and Financial Policy Bureau of the Ministry of Finance and Economy, handling economic and financial affairs. After being promoted to the senior civil service, he served as Director of the Fiscal Policy Division, Director General of the External Economic Bureau, Deputy Minister, and Planning Director of the Green Growth Committee. During the Park Geun-hye administration, he was one of the few economic bureaucrats with experience overseeing both finance and the real economy, serving as the First Vice Minister of Economy and Finance (July 2014?January 2016) and Minister of Trade, Industry and Energy (January 2016?July 2017). Within government circles, Vice Chairman Joo earned the nickname "Bulldozer" due to his planning skills and drive demonstrated in macroeconomic policy, finance, industry, trade, energy, real estate, microeconomic policy planning and coordination, and the establishment of various national visions.

Joo Hyung-hwan, the newly appointed Vice Chairman of the Low Birthrate and Aging Society Committee, is expressing his thoughts on the 12th at the Presidential Office building in Yongsan, Seoul.
[Image source=Yonhap News]

The background for appointing Vice Chairman Joo, a career bureaucrat, lies in his extensive experience in driving policies across various fields. Although the Low Fertility Committee is directly under the president, there have been criticisms that civilian vice chairmen face difficulties in formulating and implementing policies through cross-ministerial cooperation. In particular, the Yoon administration holds the view that reversing the low fertility rate, which has dropped to a total fertility rate of 0.6, requires innovation not only in childbirth support but also across all economic and social sectors including employment, housing, industrial structure, labor, and pensions. Accordingly, it appears that they judged the appointment of Vice Chairman Joo, who has rich relevant experience and can function as a control tower among ministries, to be necessary.

On the 12th, at the Yongsan Presidential Office, Vice Chairman Joo expressed his appointment remarks, stating, "It is a time when a major transformation is needed to create a society conducive to having and raising children, including structural measures to alleviate the three major anxieties of youth?employment, housing, and childcare?overcoming excessive competitive pressure and high costs, as well as a societal shift in perceptions regarding immigration, adoption, and work-life balance (WLB)." He explained the future direction of childbirth promotion policies. He also emphasized the need to adapt and elevate social security systems such as industrial structure, labor force, and pensions in line with the trends of low fertility and aging.

Vice Chairman Joo also said, "Many (low fertility) measures have been introduced so far, but some results have fallen short of expectations," adding, "Achieving results is something bureaucrats excel at." He expressed confidence, saying, "I will devote all my efforts to solving the low birthrate and aging problem by listening carefully to the opinions of central and local governments, businesses, civil society, political circles, the media, academia, and the public, and by pooling all national wisdom and capabilities."

▲ Seoul (63) ▲ 26th Administrative Examination ▲ Deoksu Commercial High School, Seoul National University Business Administration, University of Illinois (USA) MBA and PhD ▲ Ministry of Finance and Economy Economic Policy Bureau Coordination Section 2 Chief ▲ Financial Policy Bureau Banking System Section Chief ▲ Future Planning Committee Director ▲ Ministry of Economy and Finance External Economic Bureau Director General ▲ National Competitiveness Enhancement Committee Task Force Leader ▲ Green Growth Committee Green Growth Planning Director ▲ Ministry of Economy and Finance Deputy Minister ▲ Blue House Economic and Financial Secretary ▲ Ministry of Economy and Finance First Vice Minister ▲ Minister of Trade, Industry and Energy