The newly-appointed deputy prime minister for economy Yim Jong-yong Wednesday pledged to mobilize “all possible government resource and policies” to tend the Korean economy dangerously going astray with consumer and investor sentiment hitting the bottom after political crisis added to industrial troubles.

Yim, chief of Financial Services Commission who was promoted in a cabinet reshuffle Wednesday, called current economic conditions at home and abroad “crisis” and promised “aggressive” against risk factors through fiscal expansion. He did not elaborate.

The candidate for chief economy policymaking who doubles as the finance minister said the government will maintain “speed and consistency” in ongoing restructuring in the shipbuilding and shipping industries, but keep watch so that the process does not “shock” or further aggravate the economy.

He stressed that real estate speculation won’t be tolerated for the benefit of inflating domestic economy, calling the act “intolerable economic harm.” He said “selective” and “tailored” actions are needed to rein in the overheating housing market.

Yim has served many key government positions since 1981, working as the presidential secretary for economic and financial affairs, vice finance minister and minister of the prime minister’s office under the former Lee Myung-bak administration. He served as chairman of Nonghyup Financial Group from 2013 before assuming the position of the FSC chief early last year.

Yim, who succeeds Yoo Il-ho who lost market confidence because of many verbal flops and indecisiveness, has been known for his unwavering will on corporate restructuring. The markets were little impressed by Yim’s comments and Wednesday’s cabinet reshuffle amidst mounting pressure on President Park Geun-hye for scandalous power abuses and excesses by her civilian friend with sentiment soured on concerns for further dent in already-fragile economy and possible power vacuum in coming months.

The main Korean Composite Stock Price Index finished Wednesday at 1,978,94 points, down 1.42 percent or 28.45 points from the previous session. The dollar closed at 1,149.80 won, up 0.68 percent or 7.80 won from the previous day.

By Cho Si-young and Chung Seok-woo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]