"I Will Listen to Diverse Voices"
On Productive Finance:
"Redirecting the Flow of Funds Toward Future Industries"
Stressing a 'One Team' Approach with Governor Lee Chanjin
Lee Eogwon, former First Vice Minister of Economy and Finance, who has been nominated as the first chairman of the Financial Services Commission under the Lee Jaemyung administration, stated that he would swiftly advance key national policy tasks, including productive finance and inclusive finance, which are emphasized by the Lee Jaemyung government.
On August 14, speaking with reporters at the Korea Deposit Insurance Corporation in Jung-gu, Seoul, Lee said, "This is a crucial time when the role of the people is extremely important for overcoming the multiple crises that have compounded and for enabling the Korean economy to achieve genuine growth and progress."
He explained that the Korean economy is currently facing difficulties both domestically and internationally. Lee stated, "Domestically, the situation for ordinary citizens and the macroeconomic environment are both very challenging. Internationally, we are witnessing full-scale confrontations between nations, such as tariff wars and artificial intelligence (AI) technology wars." He added, "Structurally, issues like population decline, entrenched low growth, and polarization are constraining Korea's future."
To address these challenges, he said he would listen to a variety of voices. "I will attentively listen to the opinions of ordinary citizens, small business owners, and financial market participants, maintain a strong sense of urgency about the issues, and lead change with an open mindset," he added.
He also pledged to faithfully implement the financial policy tasks set forth by the Lee Jaemyung administration. "We will rapidly pursue policies so that the public can feel the effects of the new government's financial agenda, including a major shift toward productive finance, strengthening inclusive finance for ordinary citizens, small business owners, and financially vulnerable groups, and promoting the development and activation of a sound capital market," he said.
Lee emphasized that productive finance involves redirecting funds currently concentrated in household loans. "Looking at the reality of Korean finance, it is centered on real estate and deposit loans, and from a societal perspective, funds tend to remain within the financial sector rather than being used to boost productivity or share benefits. It is necessary to fundamentally and quickly redirect the flow of funds toward innovative and value-creating future industries," he said.
He mentioned that he spoke with Lee Chanjin, Governor of the Financial Supervisory Service, on August 13. "The Financial Services Commission and the Financial Supervisory Service must work closely together to develop the financial market and industry and to carry out national policy tasks. We must maintain a collaborative relationship based on a 'one team' spirit," he stated. He added, "I spoke with Governor Lee Chanjin yesterday about this, and he agreed with this approach."
He refrained from commenting on specific issues such as the reorganization of financial authorities and the improvement of the risk-weighted assets (RWA) regulation.
Lee is regarded as a bureaucrat with expertise in macroeconomics and economic policy. Born in 1967, he graduated from Kyungshin High School and the Department of Economics at Seoul National University. He holds a Ph.D. in economics from the University of Missouri in the United States. After passing the 35th Higher Civil Service Examination in 1991, he began his public service career and held key positions at the Ministry of Finance and Economy (now the Ministry of Economy and Finance), including Director General for Economic Policy and Director General for Economic Structure Reform. He is known as an expert in economic policy, having worked for an extended period in the Economic Policy Bureau.
In 2019, while serving as Director General for Economic Policy, he was credited with successfully leading the government's response during the deepening trade conflict between Korea and Japan, triggered by Japan's export restrictions on semiconductor-related materials. He subsequently served as Minister-Counselor at the Permanent Mission of Korea to the United Nations Office and other international organizations in Geneva, and as Chair of the WTO Domestic Regulation Working Party.
In May 2020, under the Moon Jaein administration, he was appointed Secretary for Economic Policy at the Presidential Office, and in March 2021, he became the First Vice Minister of Economy and Finance. After leaving public office, he served as an invited research fellow at the Korea Institute of Finance and as a distinguished professor in the Department of Economics at Seoul National University.
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