Low taxes proponent's nomination came as Asia’s fourth-largest economy faces decade-high inflation.

South Korea’s incoming President Yoon Suk-yeol on Sunday named Choo Kyung-ho to be deputy prime minister and finance minister, as the country seeks to tackle surging inflation, household debt and demand for welfare.

As a member of the presidential transition committee, Mr. Choo has been working to draw up an extra budget plan to support small businesses and the self-employed who have been affected by pandemic.

Mr. Choo told a separate briefing that he plans to loosen the real estate policies of the outgoing government, including an easing of capital gains taxes and a levy on property ownership.


Nominated Finance Minister Served 33 Years in Government

President-elect Mr. Yoon, who takes office on May 10, announced eight cabinet minister nominations, including defence, industry, health and land. All are subject to parliamentary confirmation hearings.

As deputy prime minister, Mr. Choo, 62, would double as finance minister and oversee economic policy, replacing Hong Nam-ki.

Mr. Choo is a second-term lawmaker in Yoon’s conservative People Power Party. He served 33 years in government roles including vice minister of economy and finance, and vice chairman of the Financial Services Commission.