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Finance minister nominee vows to take preemptive steps against risks

All News 10:27 December 04, 2018

SEJONG, Dec. 4 (Yonhap) -- South Korea's finance minister nominee pledged Tuesday to take preemptive steps against internal and external risks amid concerns over an economic downturn.

Hong Nam-ki said that the government will keenly monitor household debt, real estate prices and a trade dispute between the United States and China. He added that Seoul will also keep close tabs on increased financial volatility.

South Korea's household credit surpassed 1,500 trillion won (US$1.33 trillion) in September, continuing its record-breaking pace.

Hong -- nominated by President Moon Jae-in last month to lead the Ministry of Economy and Finance -- made the comments at the start of a parliamentary confirmation hearing.

The parliamentary confirmation hearing is widely seen as a formality because his formal appointment does not require approval from the National Assembly.

In South Korea, prime minister is the only Cabinet post that requires a parliamentary approval.

Finance minister nominee Hong Nam-ki (Yonhap)


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