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President Moon Jae-in is shaking up his administration's economic team in a bid to refocus efforts on his ambitious plans to structurally change South Korea's slowing economy.
The two officials that will lead those efforts have pledged to work as a team to ensure the focus stays on the task at hand.
Shin Se-min reports.
President Moon Jae-in's newly appointed chief of staff for economic policy Kim Soo-hyun says he will be working hand-in-hand with Finance Minister nominee Hong Nam-ki should Hong be confirmed.
Speaking to reporters on Sunday, Kim said Hong will be in charge of managing forthcoming economic issues that need to be addressed.
Kim added the government's economic team will continue to advance the foundation laid by their predecessors that pursued income-led, innovative growth and a fair economy.
"The new presidential economic team will promote income-led growth policies to rev up job creation and boost wages. We have to overcome growing income inequality, the low birthrate and slowing economic growth by accelerating policies centered on redistribution."
The finance minister nominee echoed Kim's remarks, saying the government will do all it can to improve the people's livelihoods and push for structural reforms that stimulate income-led growth.
Upon being nominated last Friday,… Hong said that, while the economy is in a transitional period,… South Korea has to carry out necessary economic reforms to lay the foundations for sustainable growth.
He said the goal is to create a nation where all people can live well, with both innovation and income-led growth contributing to the economy.
Expectations for the Moon administration's second economic team are high,... especially after the first team led by outgoing Finance Minister Kim Dong-yeon and Jang Ha-sung, now the former presidential chief of staff for policy, had drifted apart as they were at odds over key policies.
Shin Se-min, Arirang News.
