{"id":2207755,"date":"2024-12-31T17:29:34","date_gmt":"2024-12-31T08:29:34","guid":{"rendered":"https:\/\/koreapro.org\/?p=2207755"},"modified":"2025-01-01T17:27:02","modified_gmt":"2025-01-01T08:27:02","slug":"choi-sang-mok-steps-in-as-south-koreas-new-interim-leader-amid-mounting-crises","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/12\/choi-sang-mok-steps-in-as-south-koreas-new-interim-leader-amid-mounting-crises\/","title":{"rendered":"Choi Sang-mok steps in as South Korea\u2019s new interim leader amid mounting crises"},"content":{"rendered":"

South Korea\u2019s new acting president, Choi Sang-mok, steps into an unprecedentedly precarious role as the country\u2019s third leader in less than a month, following the impeachments of both President Yoon Suk-yeol and Prime Minister Han Duck-soo.<\/p>\n

Choi, a seasoned technocrat with decades of experience in economic policymaking, now bears the burden of managing a country reeling from its worst aviation disaster in years, a depreciating currency and severe political instability.<\/p>\n

His leadership will be tested as he seeks to stabilize foreign investor confidence and address growing public discontent over the impeachment-triggered turmoil.<\/p>\n

Choi\u2019s ascent to power comes with its own political baggage. He reportedly<\/a> opposed Yoon\u2019s Dec. 3 martial law declaration, leaving the cabinet meeting that preceded the declaration in protest.<\/p>\n

His initial statements about having \u201cvery limited\u201d authority as the country\u2019s second acting president suggested a reluctance to tackle thorny issues like appointing Constitutional Court justices, which led to Han\u2019s impeachment.<\/span><\/p>\n

However, in a move hinting at Choi\u2019s likely direction going forward, Choi distinguished himself from Han on Tuesday by appointing two out of three justices that the National Assembly, sans the ruling People Power Party, proposed earlier. The two justices Choi appointed were nominated by the ruling and opposition parties, respectively.<\/span><\/p>\n

The third pending justice, appointed by the opposition, remains on hold.<\/span><\/p>\n

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Acting President Choi Sang-mok delivers a statement following Prime Minister Han Duck-soo’s impeachment, Dec. 27, 2024 | Image: ROK Ministry of Economy and Finance<\/em><\/p><\/div>\n

CAREER BUREAUCRAT<\/strong><\/p>\n

Choi entered public service in 1985, joining the Economic Planning Board after passing South Korea\u2019s civil service exam. His early contributions included the first comprehensive revision of the Foreign Exchange Control Act in 30 years, laying a foundation for modernizing South Korea\u2019s financial systems.<\/p>\n

In the 1990s, Choi continued his involvement in industrial and financial policy, serving as director general of the Small and Medium Enterprise Bureau and later the Electronics and Information Industry Bureau at the Ministry of Commerce and Industry.<\/p>\n

His efforts during this time included developing \u201cDJ-nomics,\u201d the economic strategy credited with helping South Korea recover from the Asian Financial Crisis during President Kim Dae-jung\u2019s administration.<\/p>\n

Choi rose further through the ranks in the 2000s, introducing the Private Equity Fund system as Securities Policy Division Director and crafting financial reforms during the subprime mortgage crisis as Financial Policy Director. His tenure at the Financial Services Commission oversaw key initiatives like Woori Financial Group\u2019s privatization and responses to European fiscal instability.<\/p>\n

By 2014, Choi had reached the upper echelons of policymaking. He served as Presidential Secretary for Economic and Financial Affairs and later as the First Vice Minister of Economy and Finance under the Park Geun-hye administration.<\/p>\n

During the Yoon administration, he served as Presidential Secretary for Economic and Financial Affairs again and then Minister of Economy and Finance before stepping into his current role.<\/p>\n

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Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong, who testified that Choi left the cabinet meeting that preceded the Dec. 3 martial law declaration in protest, Dec. 2024 | Image: ROK Ministry of Economy and Finance<\/em><\/p><\/div>\n

ECONOMIC VISION AND CONTROVERSIES<\/strong><\/p>\n

As finance minister, Choi championed a \u201cdynamic economy,\u201d prioritizing price stabilization, export growth, and fiscal rules to maintain sound government finances. His agenda emphasized job creation through what he called a \u201cvirtuous cycle of innovation and mobility,\u201d although critics argue that his policies failed to address structural challenges like household debt and real estate risks.<\/p>\n

Under Yoon\u2019s administration, Choi faced mounting scrutiny over overly optimistic economic projections that many viewed as disconnected from worsening realities. Press releases from his ministry touting successes in price stabilization and export revitalization drew criticism for misrepresenting the state of the economy, further damaging his credibility.<\/p>\n

Controversy has also dogged Choi outside of government roles. Between public service stints, he faced backlash for accepting lucrative directorships at Il-dong Holdings and Shinhan Investment.<\/p>\n\n\t\t