President Moon Jae-in's pick for new deputy prime minister and finance minister says that his policy goal is to build an inclusive society based on innovative growth and a fair economy. 
 
In a parliamentary confirmation hearing Tuesday, nominee Hong Nam-ki clarified his stance on economic policies.

He said that despite the controversy over the government's income-led growth initiative, inclusive growth is the ultimate option to resolve the issues of income distribution and widening wealth gaps.  
 
Hong said that the government will adjust the pace of raising the minimum wage, admitting that some government policies have outpaced public expectations and need to be revised. 

The nominee explained that starting next year, a hike in the minimum wage will be decided after gauging market responses, employers' financial capacity and its economic repercussions. 

Hong said that despite sound consumption and exports, the economy is difficult due to sluggish investment and employment, coupled with slow income distribution.