Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday.

Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985.

He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic policy and macroeconomics, with experience leading related several departments under the finance ministry, according to presidential chief of staff Kim Dae-ki.

He served as the presidential secretary for economics and finance and as the first vice finance minister for the Park Geun-hye administration.

Before being tapped as the chief economist for President Yoon Suk Yeol upon his inauguration in May 2022, Choi headed a subcommittee of the presidential transition team and is believed to have shared the policy directions with the president.