Who Is Kim Yong-beom, the First Chief Policy Officer Selected by President Lee Jae-myung?

"The Right Person to Realize President Lee's Economic Pledges"

President Lee Jae-myung has appointed former Ministry of Economy and Finance First Vice Minister Kim Yong-beom (63) as the first Chief Policy Officer of the Presidential Office.

Kang Hoon-sik, Chief Presidential Secretary, introduced Mr. Kim in a Presidential Office briefing on the 6th, stating, "He has a deep understanding and global perspective on overall economic policy," and described him as "the right person to implement President Lee’s pledges and execute policies to overcome livelihood crises, based on his experience managing the COVID-19 response."

Kim is recognized as a distinguished economic official, having served as Senior Economist at the World Bank, Secretary General of the Financial Services Commission, and First Vice Minister at the Ministry of Economy and Finance. He is known for his extensive experience in designing economic policies such as the KOSDAQ Market Development Plan, Corporate Governance Best Practices, and the Key Industry Stabilization Fund.

After leaving public office, he served as CEO of Hashed Open Research, an affiliate of the blockchain-specialized investment firm Hashed, demonstrating his deep understanding of digital finance and virtual assets as emerging industries.

As Kim takes on the role of Chief Policy Officer, it is expected that President Lee's initiatives—revitalizing households and small businesses and realizing a fair economic structure—will be expedited. The Chief Policy Officer oversees economic policy as the control tower, supervising the newly renamed Chief of Economic Growth (formerly the Office of the Chief Economic Secretary), Chief of Social Affairs, and the newly established Chief of AI Future Planning.

Although Kim has no direct connection with President Lee, he has been mentioned as a contender for high-level economic positions in the new administration, such as Deputy Prime Minister for Economy and Chairman of the Financial Services Commission, in addition to Chief Policy Officer. It is reported that Kim was recommended through various channels when President Lee’s team was seeking economic experts. Kim is said to have expressed to acquaintances, "I will accept the role if there is a need."

During the Moon Jae-in administration, Kim served as Vice Chairman of the Financial Services Commission, and he worked as Senior Administrator in the Office of Economic Affairs at Cheong Wa Dae during the Roh Moo-hyun government, reflecting his deep ties with Democratic Party administrations.

A former Ministry of Economy and Finance official who is now the CEO of a financial company and close with Kim said, "He is full of ideas and I think he will excel more than anyone else," adding, "He has studied not only the real economy but also advanced industries."

Kim, who once served as Senior Economist at the World Bank, is described by those around him as having an academic disposition, with his childhood dream being to become an economist. He has also shared public insights about the direction of the Korean economy on SNS until recently.

In a post last month on the 25th, he diagnosed, "Circulation in the Korean economy is weak right now," explaining, "The reason is not merely a slump in consumption but structural entrenchment." He pointed out, "Income flow is disconnected across the entire life cycle, and consumption does not link to production and employment." He further warned, "The returns from exports are not sufficiently flowing into domestic demand, and the current structure of the Korean economy lacks designed circuits for circulation."

Kim suggested, "We should design an uninterrupted income flow throughout the entire life cycle and structure public spending to lead to private consumption and job creation." He emphasized, "We must reconnect exports and domestic demand, and transform the structure so that the externalities of strategic industries like semiconductors, secondary batteries, and AI infrastructure spread domestically."

■ About Kim Yong-beom

△ Born in 1962 in Muan, Jeollanam-do △ Graduated from Daedong High School in Gwangju, holds a BA in Economics from Seoul National University, a Master's in Public Administration from Seoul National University, and a Ph.D. in Economics from The George Washington University △ Passed the 30th Civil Service Examination △ Financial Policy Division, Ministry of Finance and Economy △ Senior Economist at World Bank △ Secretary General and Vice Chairman of the Financial Services Commission △ First Vice Minister of the Ministry of Economy and Finance △ CEO of Hashed Open Research

Reporter: Jo Mi-hyun mwise@hankyung.com