President Lee Jae-myung warned nominee Lee Hyung-il during the September 1, 2026 State Council meeting that his nomination for Economy Minister could be canceled if he fails to control inflation during the Chuseok holiday. ^[1] Lee Hyung-il stated that the price of daily necessities for citizens serves as the scorecard for the economic team and that he will focus his efforts on price stability. ^[2] Lee Hyung-il, the nominee for Vice President and Minister of Finance, held his first press conference on September 31 at the Government Seoul Headquarters to outline his policy direction. ^[3] President Lee Jae-myung stated on 2026-01-01 that the government cannot solve major issues alone and must cooperate with the National Assembly to improve citizens' lives. ^[4] Lee Jae-myung said on 2026-09-01 that due to explosive export growth, the economy is expected to grow over 3% this year, but people's livelihoods remain difficult, especially food prices have risen significantly, and with an early Chuseok and abnormal weather damaging crops and livestock, price instability may spread, so preemptive support measures are needed. ^[5] Lee Jae-myung said on 2026-09-01 that rising interest rates are unavoidable and that fiscal policy should play a precise role in minimizing the pain from rate hikes. ^[6] Lee Jae-myung said on 2026-09-01 that South Korea is at a crossroads between low-growth entrenchment and a rebound in potential growth, and that a productive virtuous-cycle fiscal strategy is needed to expand the economic pie and enhance industrial capabilities. ^[7] Lee Jae-myung, President of South Korea, said on 2026-09-01 at a cabinet meeting at Cheong Wa Dae that he expects bipartisan cooperation on the 2026 budget so it can become a budget that gives hope to citizens. ^[8] President Lee Jae-myung instructed government ministries to promptly reflect public and parliamentary feedback into legislation and budgets without hesitation. ^[9] The State Council reviewed and approved a next-year budget of 82.09 trillion won and tax reform bills on 2026-01-01. ^[10] Kang Yu-jeong, a presidential spokesperson, reported that the President stated in a private meeting that the Public Prosecutor's Office's core task is determining how to handle unjust non-prosecution decisions. ^[11]