Lee Hyung-il pledges growth and inequality reduction as economic minister nominee

Lee Hyung-il, the nominee for Deputy Prime Minister and Minister of Economy and Finance, outlined his policy priorities during a press conference at the Government Complex Sejong. Lee emphasized a dual focus on accelerating economic growth and reducing polarization.

To drive growth, Lee plans to expedite three major mega-projects to create new growth engines and foster regional development, alongside increasing preemptive investments in future advanced technologies. To address economic inequality, he intends to utilize policy capacity gained from the semiconductor boom to support vulnerable groups, including youth, small business owners, and small-to-medium enterprises.

Lee identified price stability as a top priority, stating that consumer prices are the “report card” for the economic team. He also addressed real estate taxation, noting a willingness to accept reasonable criticisms from the National Assembly regarding tax reforms aimed at distinguishing between owner-occupied and non-resident properties. To improve policy coordination, he proposed strengthening the pre-deliberation functions of the Economic Ministers' Meeting and establishing a new economic issue consultative body to resolve inter-ministerial disagreements.