[The Editors' Verdict]The Return of the "Traditional Bureaucrat," Shouldering the Weight of Responsibility Once More

A Bureaucrat Who Responded to Every Crisis
Returns to Tackle Low Growth and an Aging Society
Will He Become the Driving Force for Structural Reform?

The spring of last year, when I met Kim Yongbeom for this interview, was a time when the administration was already approaching its midpoint and fierce debates over the direction of economic policy were ongoing. By then, he had already left public office and was conducting new experiments in the blockchain industry. No longer "civil servant Kim Yongbeom," he spoke as a "thinking economist," using a markedly different language as CEO of Hashed Open Research. Nevertheless, his words still carried a sense of restraint and the unique dignity characteristic of a bureaucrat.

We walked and talked along the quiet paths of Suseong-dong Valley in Seoul, reminiscent of Jeong Seon's ink paintings. He shared that, during his time as Vice Chairman of the Financial Services Commission, he would often come here when his mind was troubled. "At the end of the walk, you can see the government complex. From the outside, it looks so small. When I was inside, the work always felt heavy and overwhelming, but from a third-person perspective, I could see it differently." His words reflected the traces of contemplation that only someone who has spent a long time reflecting on and refining themselves in search of insight can possess.

Kim Yongbeom, Director of Policy at the Presidential Office, being interviewed by Asia Economy in spring 2024. Photo by Jo Yongjun jun21@

The IMF foreign exchange crisis, the global financial crisis, COVID-19?he personally managed these major crises and internalized the conviction that "policy is ultimately for people." People over numbers, life over structure. His attitude of never losing sight of that simple truth remains deeply impressive to this day.

Having grown up in a small village in Muan, South Jeolla Province, he describes himself as "someone who knows poverty well." His memories of directly experiencing the 5·18 Democratization Movement in Gwangju as a high school student became deeply rooted in his sense of public service. He was someone who not only recognized social imbalances but also felt them firsthand. Perhaps for this reason, he has a unique sensitivity to structural issues such as economic and social polarization and intergenerational inequality, and he confronted politically burdensome matters like national pension reform head-on, calling them "unavoidable tasks."

Now, he has returned as Director of Policy at the Presidential Office. Some have reacted skeptically, asking, "Another bureaucrat?" However, as the economy enters a period of structural slowdown, the need for someone with a deep understanding of practical affairs and firsthand experience at the frontlines of crisis response is clear. What is needed now is not short-term stimulus, but policy competence capable of addressing the industrial structure itself. Kim knows this structure better than anyone?and has actually worked to change it.

At the end of the interview, when I asked, "Don't you miss public service?" he replied, "I've done enough. I try not to miss it." Yet, in the end, people are called back to where they are most needed. Perhaps this is just such a moment.

The road ahead is anything but easy. Low growth, low birth rates and an aging population, anxiety among the younger generation, and entrenched inequality remain ongoing realities. What is needed now is to present practical policy directions to resolve these structural crises. We must go beyond simple economic countermeasures and undertake structural reform. At the same time, we must also seek answers together to more fundamental questions?those concerning sustainable growth.

Kim Yongbeom. His name is no longer confined to the past. Today, it has become the name of someone shouldering the heavy task of structural transformation. As he once said, "Responsibility does not lie in the position, but in the heart." Now, that responsibility is beginning to carry weight again. At the edge of the cliff faced by the Korean economy, I hope he becomes the focal point that bears this burden and leads structural reform.