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Moon replaces finance minister, chief economic adviser

All Headlines 14:09 November 09, 2018

SEOUL, Nov. 9 (Yonhap) -- President Moon Jae-in sacked the finance minister and his chief economic adviser Friday after the two top economic policymakers openly displayed a serious rift over how to handle the slumping economy.

Moon named Hong Nam-ki, an economic technocrat who is currently serving as chief of the Office for Government Policy Coordination under the Prime Minister's Office, to replace Kim Dong-yeon as finance minister and deputy prime minister for economic affairs, Cheong Wa Dae said.

Moon also sacked Jang Ha-sung, presidential chief of staff for policy, and named his senior social affairs secretary Kim Soo-hyun to succeed him. Jang is the architect of Moon's trademark "income-led" growth policy.

Kim and Jang have publicly displayed wide differences over how to revitalize the sluggish economy, with Kim voicing a need to alter the "income-led" growth policy and Jang insisting on sticking to the distribution-centered policy.

Noh Hyeong-ouk, Hong's deputy, was named to succeed Hong as chief of the Office for Government Policy Coordination, while Kim Yeon-myung, a social welfare professor at Seoul's Chung-Ang University, was tapped to be the new senior social affairs secretary.

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