Anchor: 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 reaffirmed the administration's commitment to the income-led growth initiative but hinted at slowing down the current pace of the minimum wage hike.
Our Bae Joo-yon has more.

Report: 

[Sound bite: Finance Minister nominee Hong Nam-ki (Korean)]
"If the private sector is innovative, the government will be inclusive." 

While reaffirming the administration's commitment to income-led growth, Finance Minister nominee Hong Nam-ki said he will adjust the pace of raising the minimum wage.

[Sound bite: Finance Minister nominee Hong Nam-ki (Korean)]
"However, we will improve policies that have been criticized for outpacing market expectations in the process of strengthening inclusiveness."  
"Starting next year, a hike in the minimum wage will be decided after comprehensively gauging market adaptability, employers' financial capacity and its economic repercussions, and [we will] actively seek ways to revamp the minimum-wage setting process early next year." 

During his confirmation hearing Tuesday, he said market shocks are expected as the minimum wage was raised 16-point-four percent this year and will be hiked another ten-point-nine percent next year. 

During the hearing, main opposition Liberty Korea Party lawmakers argued Hong will only end up being a "Yes man" to the president. 

Lawmakers from the ruling Democratic Party said he will be able to carry out the Moon administration's income-led growth policy swiftly.   

Asked if he believes the nation is in an economic recession, Hong noted the nation posted economic growth in the past two quarters. However, the nominee added that he will devise measures to prevent a recession.

Hong said that despite sound consumption and exports, the economy is in a difficult position due to sluggish investment and employment, coupled with slow income distribution. But he stressed that results from the income-led growth policy will begin to reflect on key indices starting from the second half of next year.  
Bae Joo-yon, KBS World Radio News.