SEOUL, Nov. 22 (Yonhap) -- The National Assembly plans to hold a confirmation hearing for the nominee for the finance minister on Dec. 4, lawmakers said Thursday.

On Nov. 9, President Moon Jae-in named Hong Nam-ki, the chief of the government policy coordination office under the prime minister's office, to replace Kim Dong-yeon as finance minister.

Rival parties agreed to hold the hearing on Dec. 4, they said, two days after a legal deadline to review the government's 2019 budget proposal.

At the hearing, Hong is expected to face questions from lawmakers over his thoughts about the three pillars of Moon's economic policy -- income-driven growth, innovative growth and a fair economy.

President Moon sacked the incumbent finance minister Kim and Jang Ha-sung, his chief policy adviser, amid discord over how to handle the slowing economy. Moon named his senior social affairs secretary, Kim Soo-hyun, to succeed Jang.

The income-led growth policy calls for raising households' income and spending. But job growth remains sluggish as smaller firms have dismissed many part-time workers amid hikes in the minimum wage.

Kim argued for a need to adjust the income-led growth policy, but Jang, an architect of the policy, insisted on sticking to it.

The replacement came as the economic team, under Jang and Kim, had failed to produce tangible results in boosting Asia's fourth-largest economy.

Source: Yonhap News Agency