New Leader of Korea Inc. in Crisis
Financial Services Commission Chairman Lim Jong-ryong was nominated as the new Deputy Prime Minister and Minister of Strategy & Finance on November 2.
In a press conference that followed the announcement of the nomination, he said that he would proceed with expansionary macroeconomic policy while dealing with household debts by not tolerating real estate speculation.
He also mentioned that he would be consistent in restructuring. “There can be various opinions with regard to the pace of restructuring, but we will remain consistent in carrying it out,” he explained, continuing, “Still, we will be cautious at the same time so that the national economy can be protected from temporary impacts and each unit of the economy can adapt itself well to the restructuring.”
The nominee served as the head of the Prime Minister’s Office until 2011 and has worked as the Chairman of the Financial Services Commission since last year after leading the NH Nonghyup Financial Group. In the commission, he has focused on the introduction of Internet-primary banks, account switching, individual savings accounts, deregulation for fintech development and performance-based evaluation in the financial sector while leading restructuring in the shipbuilding and shipping industries.