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Economy

South Korea's new finance chief vows to support private sector

Hong Nam-ki must contend with sluggish growth, a weak labor market and the trade war

Hong Nam-ki, South Korea's new finance minister, speaks at his confirmation hearing at the National Assembly in Seoul last week. (Photo provided by South Korea's Ministry of Finance)

SEOUL -- South Korea's new finance minister on Monday vowed to implement policies to help the private sector, as Asia's fourth-largest economy faces challenges from sluggish growth to a weak job market and spillover from the trade war.

"I will make efforts to be known as the minister who has met the private sector the most," Hong Nam-ki told President Moon Jae-in at his appointment ceremony at the presidential Blue House. "I will communicate with them closely by having meetings with the self-employed, big conglomerates and labor unions."

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