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Korea Herald
10-06-2025
- Business
- Korea Herald
Lee Jae-myung's economic playbook: big spending, bigger control
Pro-spending aides take key economic posts as President Lee moves to centralize budget planning under presidential office President Lee Jae-myung has assembled a pro-spending economic team to spearhead his early policy agenda, while leaving the key post of finance minister vacant — a move widely seen as a strategic effort to weaken the Ministry of Economy and Finance and shift fiscal authority toward the presidential office to accelerate policymaking. The appointments of Kim Yong-beom as chief of staff for policy, Ha Joon-kyung as senior presidential secretary for economic growth, and Ryu Deok-hyun as presidential advisor for fiscal planning underscore this shift. All three support an expansionary fiscal policy, in line with Lee's vision of using public spending to drive structural reform and revive domestic demand. Lee has notably elevated the role of fiscal planning within the presidential office. Ryu's newly created post was upgraded from a low-level secretarial role under the Moon Jae-in administration to vice-ministerial rank. Coupled with the sidelining of the Finance Ministry in key appointments, the move signals the administration's intent to centralize control over economic policymaking. The presidential office described Ryu as someone who will "strengthen democratic oversight of fiscal policy" by restoring discipline within the ministry and mobilizing resources to fulfill Lee's campaign pledges. A professor at Chung-Ang University and former official at Korea's top public finance institutions, Ryu is known for his expertise in budgeting and fiscal reform. Ha's appointment also breaks with precedent. The role of senior economic secretary — traditionally held by finance ministry officials — now goes to the Hanyang University economics professor and former Bank of Korea economist. A longtime policy ally of Lee, Ha is considered a key architect of the president's economic agenda. His title was revised to include 'growth,' underscoring the administration's focus on recovery and long-term restructuring. Overseeing both is Kim Yong-beom, a seasoned economic policymaker who previously served as first vice finance minister, vice chair of the Financial Services Commission and senior economist at the World Bank. The presidential office highlighted his leadership during Korea's COVID-19 response, noting his role in crafting and implementing measures credited with swiftly stabilizing the economy during the crisis. Kim has outlined a vision for what he calls 'structurally transformative fiscal policy' — redirecting Korea's accumulated wealth into active circulation to spur consumption, employment and productivity. 'What we need now isn't just stimulus or tax cuts, but a structural shift in the economy,' he wrote in a recent social media post. This philosophy underpins the administration's first major economic initiative: a supplementary budget exceeding 20 trillion won ($14.7 billion). Framed as a recovery package for struggling households amid high inflation and weak demand, the funds are expected to be delivered mainly through government vouchers and other cash-based support. Experts caution that Lee's expansionary fiscal approach may offer only a temporary boost unless paired with reforms that address the root causes of Korea's weak domestic demand. Kim Jung-sik, emeritus professor of economics at Yonsei University, warned that the proposed supplementary budget could provide only a short-term lift. 'If most of the funds are channeled into local currency handouts, consumption may tick up in the short term, but there's a strong chance the government will be forced to repeat the exercise next year,' he said. 'The focus of fiscal policy should be not simply on disbursement, but on strategic allocation.' While fiscal expansion may be necessary, Kim stressed it must go hand in hand with structural reform to ensure long-term stability. 'The downturn is rooted in structural weaknesses,' he said. 'Treating only the symptoms — such as small business distress — without revamping institutional structures or Korea's industrial base will result in ballooning debt and mounting fiscal inflation.' In contrast, Myongji University professor Woo Suk-jin emphasized the importance of short-term recovery measures such as the supplementary budget, given Korea's grim outlook. 'When the economy is clearly deteriorating, the government's role becomes critical,' the economist said. 'Rather than intervening across the board, it must draw clear boundaries. Stimulus is an urgent task that must be addressed directly, but it should be paired with support from institutions equipped to guide long-term growth.' Woo also noted that fiscal expansion must be matched by efforts to bolster revenue. 'Eventually, the state will need to raise revenue — not by hiking tax rates, but by broadening the tax base through structural reforms,' he said. He also supported curbing the Finance Ministry's power, calling such a move 'in line with the principle of checks and balances.' 'The mega-ministry model may have once been efficient, but it no longer fits the current moment. What's needed now is a clear and transparent assessment of the fiscal landscape,' he said. Woo added that operational strength, and alignment with the president's new economic team, should be central to selecting the next finance minister. 'It's a misconception that only career finance officials can run the ministry,' he said. 'If the ministry is to be broken up, a capable technocrat — or even a politician — could be a viable choice.' The finance minister post has remained vacant since Choi Sang-mok stepped down on May 1. While the ministry has long dominated Korea's economic policymaking, Lee is seeking to carve out its budgeting function and bring it under presidential control, potentially positioning Ryu, as fiscal planning advisor, to take the lead.
Korea Herald
08-06-2025
- Science
- Korea Herald
Korea steps up as science connector in Asia-Pacific
Science Ministry invites over 100 APAC researchers for mentoring, joint lab training ahead of APEC summit in October South Korea, once considered a scientific backwater, is now solidifying its position as a regional leader in fostering cooperation among science communities in the Asia-Pacific region. As part of its broader global initiative, the Ministry of Science and ICT is launching a program to invite scientists from across the region ahead of the upcoming APEC summit to be hosted by Korea in October. 'For scientists seeking new technological experiences, Korea is, in my opinion, the number one country in the APAC region — particularly in the semiconductor sector,' said Chaikarn Liewhiran, a physics and materials science professor at Thailand's Chiang Mai University, during an interview with The Korea Herald in Seoul on Thursday. 'Korea is a prime example of how the semiconductor industry can lead to commercial success. I believe we can achieve innovative scientific goals through collaboration between Thailand and Korea. That's precisely why I joined this program,' Liewhiran added. Mark Dennis Usang, a research officer at the Malaysian Nuclear Agency and fellow participant in the Science Ministry's 'APAC Scientist Invitation Program" held from May 26 to June 6, echoed Liewhiran's view. 'In terms of basic science, including fundamental physics, I think Japan is still slightly ahead. But when it comes to applications, Korea is excelling and has nearly closed the gap with Japan in the overall technology sector,' Usang said. Usang also praised Korea's scientific funding system, calling it more efficient than Malaysia's. He noted that Malaysian scientists must navigate a series of complicated procedures to receive government funding, often forcing them to build their own equipment, which both increases costs and delays research. Under the program, Liewhiran and Usang took part in mentoring activities aligned with their areas of expertise alongside Korean professors. Usang recalled a three-day collaboration with Ha Chang-hyon, a physics professor at Chung-Ang University, which led to a breakthrough in his future research using cost-effective, easy-to-make equipment. Before meeting Professor Ha, Usang said he hadn't realized how little effort it takes to assemble a plastic particle detector, which uses similar materials to PET bottles. With adjustments, such as crushing and melting the plastic, the material can be transformed into a functional detector capable of analyzing cosmic particles. 'Professor Ha explained how to make it and how it works. I've studied several detectors before, but I didn't know about this method. I was really surprised, enlightened and very happy,' Usang said. Liewhiran also noted that he had inspiring discussions with Yoon Young-gui, a physics professor at Chung-Ang University, and Yoon Jung-gi, a professor at Kyung Hee University. 'I learned so much from speaking with the professors, who are true experts in semiconductor technologies. We need to learn from Korea's strong competitiveness in this market,' said Liewhiran. 'They gave us valuable ideas to improve our research, which could ultimately drive our products or prototypes toward commercialization.' As part of the APEC Scientist Exchange Initiative, the Science Ministry plans to invite over 100 scientists from the region through two formats: a 10-day mentoring program and a 90-day training program involving joint research in Korean laboratories from June through July. Participants must hold a Ph.D. or a Master's degree with at least three years of work experience. The recently concluded 10-day mentoring program brought together 21 scientists from Malaysia, Thailand and Peru. For its upcoming initiative, the ministry plans to expand participation to include scientists from Indonesia and the Philippines specializing in chemistry, bioscience, geoscience and other fields. The goal is to reach more than 100 participants across both programs. To support visiting scientists, the Science Ministry has streamlined the visa and immigration process to facilitate easier entry into Korea. hyejin2@
New York Post
03-06-2025
- Business
- New York Post
The turbulent life of South Korea's new leader — Lee Jae-myung's rise from child laborer to divisive President
Lee Jae-myung was a child laborer with an arm deformity. He attempted suicide. He later made his way through university and became a highly divisive politician who survived a stabbing attack and struggles with numerous criminal charges. Advertisement 5 Lee Jae-myung, 60, a child laborer with an arm deformity who also attempted suicide, made his way to become a highly divisive politician who survived a stabbing attack and struggles with numerous criminal charges. Getty Images His turbulent life climaxed, as Lee, 60, the candidate of the main liberal Democratic Party, was elected as South Korea's new president to succeed his conservative archrival Yoon Suk Yeol, who was ousted over his stunning imposition of martial law. There are both hopes and fears about Lee's win. Advertisement Supporters think he's an able leader who can get things done and fix the country's deep-rooted economic inequality and corruption. But critics say Lee will likely oppress political opponents and intensify a domestic division. Here's a look at Lee, whose single, five-year presidency begins on Wednesday: Childhood poverty After graduating from an elementary school, Lee had to work at various factories in Seongnam, a city near Seoul, because his family couldn't afford his secondary education. Advertisement At a factory manufacturing baseball gloves, he had his left forearm crushed by a press machine, getting a permanent arm disability. Lee said he suffered beating at his factories and hated encountering a girl who was a neighbor when he helped his garbage collector father's work at a traditional market. 5 Jae-myung was elected as the next president of South Korea after Yoon Suk Yeol was ousted after declaring martial law. Getty Images Despaired, Lee tried to kill himself twice, both unsuccessfully. Advertisement He later got back on his feet and entered Seoul's Chung-Ang University with a full scholarship, before he became a human rights lawyer. 'Hopes and ordeals always come together. The roles of ordeals are not getting people to surrender, but testing how serious and desperate their hopes are,' Lee said in a memoir published in 2017. Liberal firebrand Lee later entered politics and became Seongnam mayor and governor of Gyeonggi province. Once a political outsider, Lee rose to prominence in 2016 after he made a series of fiery street speeches criticizing then conservative President Park Geun-hye, who was later removed from office over a corruption scandal. 'Let's seize her with our hands and consign her to history,' Lee said during one rally in December 2016. Many of his comments have since sharply polarized South Koreans. 5 Supporters believe Lee Jae-myung could get things done and help fix the country's economy, while critics believe he will oppress political opponents and create division among party lines. AP Lee vilified South Korea's conservative establishment as greedy 'fake conservatives.' Advertisement He slammed a U.S. missile defense system in South Korea as a source of tensions and likened strengthening U.S.-Japan ties to a 1905 Washington-Tokyo agreement that he said helped Japan colonize the Korean Peninsula later. Lee's proposal of giving a universal basic income to all citizens have invited accusations that he's a populist. In 2022, he lost the hotly contested presidential election to Yoon. In 2024, Lee was attacked by a man who told investigators that he wanted to kill Lee to prevent him from becoming president. Foreign policy challenges Advertisement Recently, Lee has made few contentious or radical comments on foreign policy and security issues, and rather has promised to pursue pragmatic diplomacy. He's repeatedly described South Korea's alliance with the U.S. as the foundation of the country's foreign policy and stressed the need to maintain a trilateral Seoul-Washington-Tokyo security partnership. 5 Before becoming president, Jae-myung was the Seongnam mayor and governor of the Gyeonggi province. AFP via Getty Images 'When it comes to what Lee said in the past, we don't know whether he made such comments only to appeal to his supporters or whether they showed his true nature,' said Shin Yul, a politics professor at Seoul's Myonggi University. Advertisement The major issues that Lee will immediately face is U.S. President Donald Trump's trade war and other 'America First' policies, and North Korea's advancing nuclear program. They are both vital issues for South Korea, but many experts say there isn't much diplomatic room for South Korea to maneuver in to produce major changes in its favor in both matters. Paik Wooyeal, a professor at Seoul's Yonsei University, said that Trump is 'too overwhelming and dominant,' so that whoever is in South Korean leadership, the country's dealings with the U.S. won't be much different. He said that foreign policy advisers for Lee would also know that North Korea won't voluntarily give up its nuclear weapons. Advertisement 5 Jae-myung's presidency will begin on Wednesday. AFP via Getty Images Legal woods Lee comes to office under the shadow of his own legal troubles. He stands accused in five trials over corruption and other charges, and at one point, some of his legal battles threatened his bid for presidency. Lee celebrated in March when the Seoul High Court overturned a suspended prison sentence against him for violating the election law during the 2022 race. But he fumed in May when the Supreme Court quashed that ruling and sent the case back to the high court, citing a strong likelihood of his guilt. Hearings at the high court were eventually postponed until after the election. Had his conviction been finalized, Lee would have been barred from running for president. Other trials center around his roles in dubious development projects and illegal money transfers to North Korea, and his alleged misuse of official funds and persuading of a witness to commit perjury. Lee's five trials will likely stop as South Korea's constitution prevents a sitting president from being charged with most crimes. But his rivals will take issue with it, because the constitution doesn't clearly state whether a president can be convicted for crimes in which indictments came before taking up office. Lee's Democratic Party, which holds a majority in the National Assembly, has been pushing to revise the criminal procedure law to suspend ongoing criminal trials involving a sitting president until the end of their term. Conservatives have harshly lambasted the move. National split During the presidential campaign, Lee vowed not to pursue a vendetta against conservatives. However, he has also called for a thorough investigation into Yoon and his inner circle over rebellion allegations. Lee's opponents worry he could use those investigations to clamp down on Yoon associates and prosecutors who he thinks orchestrated inquiries involving his criminal charges. Yoon's martial law stunt intensified a domestic divide. Declaring martial law, Yoon portrayed Lee's party as 'anti-state' forces influenced by North Korea and China. He has also endorsed baseless election fraud theories to discredit the liberals' legislative majority, prompting his angry supporters to pour onto the streets with 'Stop the Steal' signs. Anti-Yoon activists and citizens, for their part, also rallied for weeks to demand his immediate dismissal. With liberals remaining in control of the legislature, Lee faces a far more favorable environment to advance his policies. Conservatives have voiced concern that Lee and the Democratic Party will wield virtually unchecked power to pass legislation previously blocked by Yoon's administration, including bills aimed at strengthening protections for labor unionists against corporate lawsuits and shielding farmers from volatile rice prices.
News18
03-06-2025
- Business
- News18
From Factory Worker To President: All You Need To Know About South Korea's Lee Jae-myung
Last Updated: South Korea Elections: Lee Jae-myung's election comes just six months after he defied military cordons to cast a symbolic vote against a sudden martial law decree. Lee Jae-myung, a former factory worker turned human rights lawyer and liberal stalwart, has been elected president of South Korea. His journey from childhood poverty to the nation's highest office caps a turbulent political era marked by martial law, impeachment and mass protest. Lee Jae-myung's election comes just six months after he defied military cordons to cast a symbolic vote against a sudden martial law decree which galvanized the liberal opposition ultimately leading to the impeachment of conservative Yoon Suk Yeol. Lee Jae-myung's Early Beginnings Born in 1963 in the rural city of Andong, Lee Jae-myung grew up in extreme poverty. He began working in factories at a young age, where he sustained injuries that left him partially disabled. Despite these hardships, he passed equivalency exams and went on to study law at Chung-Ang University, graduating in 1986. Lee Jae-myung built his legal career advocating for human rights and labor protections. He was active in Minbyun, a progressive lawyers' association and became known for championing the rights of marginalized citizens. Lee Jae-myung's Political Rise And Reform Agenda Lee Jae-myung entered politics in the early 2000s and rose through the ranks quickly. He served as mayor of Seongnam from 2010 to 2018 and as governor of Gyeonggi Province from 2018 to 2021. During his tenure, Lee Jae-myung implemented aggressive social welfare programs and gained a reputation for his direct communication style and policy pragmatism. Although he narrowly lost the 2022 presidential election, Lee Jae-myung remained a central figure in the liberal Democratic Party eventually reclaiming the political spotlight in 2024 during the constitutional crisis triggered by martial law. Lee Jae-myung said, in his victory speech, 'This belongs to the people who stood for democracy. I will be a president who listens, who serves, and who remembers where we came from." About the Author Mallika Soni When not reading, this ex-literature student can be found searching for an answer to the question, "What is the purpose of journalism in society?" Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! Location : South Korea First Published: June 04, 2025, 00:01 IST
03-06-2025
- Business
South Korea's new leader Lee has lived a turbulent life. Now, big challenges await him
SEOUL, South Korea -- SEOUL, South Korea (AP) — Lee Jae-myung was a child laborer with an arm deformity. He attempted suicide. He later made his way through university and became a highly divisive politician who survived a stabbing attack and struggles with numerous criminal charges. His turbulent life climaxed on Wednesday, as Lee, 60, the candidate of the main liberal Democratic Party, was confirmed as South Korea's new president to succeed his conservative archrival Yoon Suk Yeol, who was ousted over his stunning imposition of martial law. There are both hopes and fears about Lee's win. Supporters think he's an able leader who can get things done and fix the country's deep-rooted economic inequality and corruption. But critics say Lee will likely oppress political opponents and intensify a domestic division. Here's a look at Lee, whose single, five-year presidency begins on Wednesday: After graduating from an elementary school, Lee had to work at various factories in Seongnam, a city near Seoul, because his family couldn't afford his secondary education. At a factory manufacturing baseball gloves, he had his left forearm crushed by a press machine, getting a permanent arm disability. Lee said he suffered beating at his factories and hated encountering a girl who was a neighbor when he helped his garbage collector father's work at a traditional market. Despaired, Lee tried to kill himself twice, both unsuccessfully. He later got back on his feet and entered Seoul's Chung-Ang University with a full scholarship, before he became a human rights lawyer. 'Hopes and ordeals always come together. The roles of ordeals are not getting people to surrender, but testing how serious and desperate their hopes are,' Lee said in a memoir published in 2017. Lee later entered politics and became Seongnam mayor and governor of Gyeonggi province. Once a political outsider, Lee rose to prominence in 2016 after he made a series of fiery street speeches criticizing then conservative President Park Geun-hye, who was later removed from office over a corruption scandal. 'Let's seize her with our hands and consign her to history," Lee said during one rally in December 2016. Many of his comments have since sharply polarized South Koreans. Lee vilified South Korea's conservative establishment as greedy 'fake conservatives." He slammed a U.S. missile defense system in South Korea as a source of tensions and likened strengthening U.S.-Japan ties to a 1905 Washington-Tokyo agreement that he said helped Japan colonize the Korean Peninsula later. Lee's proposal of giving a universal basic income to all citizens have invited accusations that he's a populist. In 2022, he lost the hotly contested presidential election to Yoon. In 2024, Lee was attacked by a man who told investigators that he wanted to kill Lee to prevent him from becoming president. Recently, Lee has made few contentious or radical comments on foreign policy and security issues, and rather has promised to pursue pragmatic diplomacy. He's repeatedly described South Korea's alliance with the U.S. as the foundation of the country's foreign policy and stressed the need to maintain a trilateral Seoul-Washington-Tokyo security partnership. 'When it comes to what Lee said in the past, we don't know whether he made such comments only to appeal to his supporters or whether they showed his true nature,' said Shin Yul, a politics professor at Seoul's Myonggi University. The major issues that Lee will immediately face is U.S. President Donald Trump's trade war and other 'America First' policies, and North Korea's advancing nuclear program. They are both vital issues for South Korea, but many experts say there isn't much diplomatic room for South Korea to maneuver in to produce major changes in its favor in both matters. Paik Wooyeal, a professor at Seoul's Yonsei University, said that Trump is 'too overwhelming and dominant,' so that whoever is in South Korean leadership, the country's dealings with the U.S. won't be much different. He said that foreign policy advisers for Lee would also know that North Korea won't voluntarily give up its nuclear weapons. Lee comes to office under the shadow of his own legal troubles. He stands accused in five trials over corruption and other charges, and at one point, some of his legal battles threatened his bid for presidency. Lee celebrated in March when the Seoul High Court overturned a suspended prison sentence against him for violating the election law during the 2022 race. But he fumed in May when the Supreme Court quashed that ruling and sent the case back to the high court, citing a strong likelihood of his guilt. Hearings at the high court were eventually postponed until after the election. Had his conviction been finalized, Lee would have been barred from running for president. Other trials center around his roles in dubious development projects and illegal money transfers to North Korea, and his alleged misuse of official funds and persuading of a witness to commit perjury. Lee's five trials will likely stop as South Korea's constitution prevents a sitting president from being charged with most crimes. But his rivals will take issue with it, because the constitution doesn't clearly state whether a president can be convicted for crimes in which indictments came before taking up office. Lee's Democratic Party, which holds a majority in the National Assembly, has been pushing to revise the criminal procedure law to suspend ongoing criminal trials involving a sitting president until the end of their term. Conservatives have harshly lambasted the move. During the presidential campaign, Lee vowed not to pursue a vendetta against conservatives. However, he has also called for a thorough investigation into Yoon and his inner circle over rebellion allegations. Lee's opponents worry he could use those investigations to clamp down on Yoon associates and prosecutors who he thinks orchestrated inquiries involving his criminal charges. Yoon's martial law stunt intensified a domestic divide. Declaring martial law, Yoon portrayed Lee's party as 'anti-state' forces influenced by North Korea and China. He has also endorsed baseless election fraud theories to discredit the liberals' legislative majority, prompting his angry supporters to pour onto the streets with 'Stop the Steal' signs. Anti-Yoon activists and citizens, for their part, also rallied for weeks to demand his immediate dismissal. With liberals remaining in control of the legislature, Lee faces a far more favorable environment to advance his policies. Conservatives have voiced concern that Lee and the Democratic Party will wield virtually unchecked power to pass legislation previously blocked by Yoon's administration, including bills aimed at strengthening protections for labor unionists against corporate lawsuits and shielding farmers from volatile rice prices.
