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Top financial regulator nominee vows restructuring in petrochemical, steel sectors

2017/07/17 11:24

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SEOUL, July 17 (Yonhap) -- The nominee for the nation's top financial regulator said Monday he would take "bold" steps in restructuring the petrochemical and steel sectors

Choi Jong-ku, a former deputy finance minister who served at the finance ministry for about three decades, was picked by President Moon Jae-in to head the Financial Services Commission (FSC).

If appointed, he will be tasked with slowing down the nation's mountain of household debt and restructuring some of the country's bloated business sectors.

Asked by lawmakers about government measures for restructuring the petrochemical and steel sectors, Choi replied during a parliamentary hearing, "Restructuring is a critical task."

   "I will instruct relevant creditor banks to take bold measures, if necessary, without overly clinging to small losses," Choi said.

The nominee said he would step up restructuring efforts for the nation's ailing shipbuilding and shipping sectors.

Since March this year, Choi has served as president of the Export-Import Bank of Korea.

In South Korea, a cabinet appointment and certain key policy posts, such as the head of the FSC, are subject to parliamentary hearings although they do not necessarily require the approval of lawmakers to be appointed by the president.

Top financial regulator nominee, Choi Jong-ku, speaks during a parliamentary hearing on July 17, 2017. (Yonhap)  Top financial regulator nominee, Choi Jong-ku, speaks during a parliamentary hearing on July 17, 2017. (Yonhap)

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