Choo, a member of the People’s Party, is a two-term lawmaker who has previously served as as a deputy finance minister, a policy director at the Financial Services Commission and a senior economist at the International Bank for Reconstruction and Development. He holds a master’s degree in economics from the University of Oregon, according to the websites of the FSC and the National Assembly.
The 61-year-old would work with Rhee Chang-yong, nominated as the next Bank of Korea governor, if both are confirmed by parliament.
The nomination comes about a month before Yoon succeeds President Moon Jae-in in office after successfully campaigning on a platform of more pro-market policies and less government intervention in the economy. Yoon had been critical of Moon’s economic policies and their impact on the property market, and plans to reduce taxes that he says have contributed to higher house prices.
Yoon agrees with Moon that small- and medium-size businesses, which are responsible for a large proportion of the nation’s employment, should be supported via fiscal spending as they emerge from a protracted downturn caused by the pandemic.
In the long run, however, the president-elect is seen as more conservative on fiscal spending, having previously warned against the risks of a rapid increase in the national debt.
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