Choi Sang-mok "Strongly Opposed Martial Law as Minister in Charge of Economy" (Comprehensive)

"No Significant Impact on Reputation Yet"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is attending the 'Emergency Urgent Question on President Yoon Seok-yeol's Unconstitutional Declaration of Martial Law and Treasonous Acts' held at the National Assembly plenary session on the 11th. Photo by Kim Hyun-min

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, revealed that he strongly opposed President Yoon Seok-yeol's declaration of martial law at the Cabinet meeting before the announcement. He also expressed his intention to actively participate in the ruling-opposition-government emergency economic consultative body proposed by the opposition party.

On the 11th, during the urgent inquiry session on 'President Yoon Seok-yeol's unconstitutional declaration of martial law and related acts of rebellion' held at the National Assembly plenary session, Deputy Prime Minister Choi said, "I feel sorry as a member of the Cabinet that the situation has come to this," adding, "As the minister in charge of the economic sector, I strongly opposed the martial law because it would have a serious impact on the economy."

He further explained, "(At that time) I attended the meeting late and did not even realize it was a meeting," and "I was very surprised to hear President Yoon’s remarks. It was an unexpected situation." He said he thought the declaration of martial law was "a wrong decision."

He continued to emphasize, "As the minister overseeing the economy, I strongly opposed it because I believed it would negatively affect the country's external credibility and the economy."

Regarding the recent panic selling in the stock market, he explained, "Fortunately, various constitutional procedures were activated at the time, leading to the lifting of martial law, so the impact on the economy has been limited so far."

On the use of the Stock Market Stabilization Fund, which is jointly funded by securities firms, banks, insurance companies, and listed companies to purchase stocks during a market crash and stabilize the market, he said, "The Stock Market Stabilization Fund has been used in the past, so I have said that it is ready to be used."

When asked what is most necessary to secure the national credit rating, he replied, "The economic system has been firmly maintained despite past political situations," adding, "At the center of that were the people and the National Assembly. Although it is regrettable that the ruling and opposition parties failed to reach an agreement on the budget yesterday, I believe that the passage of the budget and related tax laws in the National Assembly is one pillar of that."

He also expressed willingness to actively participate in the emergency economic consultative body proposed by Lee Jae-myung, leader of the Democratic Party. Deputy Prime Minister Choi said, "The opposition party proposed a ruling-opposition-government consultative body related to the economy, and the government has said it will actively participate," adding, "I believe that demonstrating the resilience of our economic system externally through such efforts is important for the national credit rating."

Regarding the opposition party’s unilateral passage of next year’s budget, he explained, "Since the budget has been passed, I think it is important to execute it faithfully," adding, "The budget includes measures to stabilize people’s livelihoods and respond to increasing external uncertainties. We will promptly execute the budget and make full use of all available means, such as public enterprise investments and policy financing."