Kim Dong-yeon, the governor of Gyeonggi Province, declared his candidacy for the 21st presidential election on the 9th. Former Deputy Prime Minister of the Moon Jae-in government and Minister of Economy and Finance, Kim is considered the leading candidate for the anti-Lee Jae-myung faction within the Democratic Party. Among the progressive camp, this is the second declaration of candidacy following former Governor Kim Du-kwan. He targeted Lee Jae-myung, the top candidate of the opposition, noting, "I will not pursue populist policies or irresponsibly implement tax cut policies."
◇“Four-year term system constitutional amendment, I will persuade Lee Jae-myung”
Kim stated this morning at the departure hall of Terminal 2 of Incheon International Airport, "I will not make rosy promises that cannot be realized." He added, "I have no faction or organization, and I do not understand political engineering. I can't do populism or make bold statements," but he also noted, "The people who are concerned about the country's well-being are my faction, and those who worry about the economy are my organization." This comment targets the ‘Lee Jae-myung election campaign committee,’ which is expected to be a large organization.
In the political field, he pledged ▲ a four-year term decentralized presidential system ▲ a presidential election runoff system ▲ shortening the presidential term to align with general elections and election cycles. He also proposed ▲ a 'level of release' reform for the Ministry of Economy and Finance and the prosecution ▲ restrictions on law firm employment, and the dismantling of the 'former official cartel' in the public service and legal sectors.
The leading candidate, Rep. Lee, is keeping a distance from the constitutional amendment. While it was a pledge during the last presidential election, on the 7th at the Supreme Committee meeting, he stated that ‘ending the civil war’ comes first and suggested postponing it until after the election. In response, Kim said, "I will emphasize the necessity of a constitutional amendment during the primary process, and if necessary, I will do my best to persuade Representative Lee Jae-myung to participate in the amendment."
In the economic field, he proposed the so-called ‘five big deals’ ▲ an ‘opportunity economy big deal’ in which large companies provide jobs, workers are flexible, and the government promotes regulatory reform ▲ a ‘regional balance big deal’ to create 10 large corporate cities ▲ a ‘climate economy big deal’ investing 400 trillion won in climate industries ▲ a ‘care economy big deal’ to prevent homicide by caregivers under a national caregiver responsibility system ▲ and a ‘tax-finance big deal’ to secure 200 trillion won in finances by halting tax cuts and adjusting national debt ratios.
◇“Image as an ‘economic expert’ is prioritized… “No negative campaigning or showy displays”
Kim, a former Ministry of Economy and Finance bureaucrat, has served as a senior policy officer at the World Bank, the economic and financial secretary of the presidential office, and the second vice minister of the Ministry of Economy and Finance. He was appointed the first Deputy Prime Minister of Economy in the Moon Jae-in government and was elected as the Governor of Gyeonggi Province in the 2022 local elections. In contrast to Representative Lee, who has a strong organizational base across the nation, Kim has a minimal organization within the party.
Therefore, Kim plans to leverage his 'economic expert' image to appeal to centrist voters. While the possibility of the Democratic Party coming to power has increased following the impeachment of former President Yoon Seok-yeol, Representative Lee also faces ongoing concerns over 'judicial risks' and 'partisanship.' Among centrist voters, there is also considerable anxiety that Representative Lee’s Democratic Party, which holds a majority in the legislature, would monopolize both executive and judicial powers.
He stated, "It is time to revive the economy and livelihoods that are sinking, beyond just ending the civil war," adding, "I have experience and know-how from resolving economic crises every time, from the 1998 financial crisis, the 2008 financial crisis, to being the first Deputy Prime Minister of Economy after the impeachment in 2017." He went on to say, "I have over 30 years of experience and networks in the international arena. I believe I can do this well and I must, so I will create a 'joyful rebellion.'"
Kim promised a 'three no's (no negative campaigning, no showy displays) and three yes's (yes to public participation, yes to youth engagement)' campaign for this reason. This means he will not engage in negative campaigning, display a large campaign organization, or mobilize the organization during the election period. Kim stated, "I will compete based on vision and policies," adding, "As a candidate, I will approach the election with a single-minded focus and conduct a ‘youth-led election’ together with volunteers and young people."
◇“Quick response to U.S. tariffs” right after the candidacy announcement
Kim is expected to participate in the party primary while maintaining his position as governor. Immediately after the presidential candidacy announcement, he will visit Michigan for a two-night, four-day schedule. Michigan is home to the three major U.S. automotive manufacturers (General Motors, Ford, Stellantis). Amid increasing trade turmoil due to the imposition of 'reciprocal tariffs' on the automotive sector by the Donald Trump administration, Kim stated that this visit is for 'tariff diplomacy.'