On December 19, Kim Dong-yeon, former deputy prime minister for the economy, a presidential candidate of the “third zone” held a party congress and established the New Wave. This day he was also chosen as the party’s founding leader. He criticized the presidential candidates Lee Jae-myung (Democratic Party of Korea) and Yoon Seok-youl (People Power Party) saying, “They are talking about governing the state without even cultivating themselves and putting their family in order.”

At the founding party congress held at the FKI Tower in Yeongdeungpo-gu, Seoul this day, party members agreed to elect Kim Dong-yeon as the party leader.

In his acceptance speech this day, Kim said, “Today, the New Wave will establish its party headquarters to lead the Republic of Korea to choose the proper way,” and announced, “We are establishing this party for change and reforms through the collective intellect of the citizens and an ‘uprising from the bottom.’” He further said, “The Republic of Korea is currently collapsing because of a structure of two major parties with vested interests,” and argued, “Many politicians claim they fully agree to political reforms against vested interests and a revolt from the bottom, but they have all failed to escape from the major parties.”

Kim attacked Lee Jae-myung and Yoon Seok-youl and asked, “Can you find any signs of sincere examination on a vision for state governance or the future of our country? Aren’t they busy making excuses and apologizing for their personal problems, for their family affairs?” He said, “I would like to ask the voters who support the candidates of the two major parties, which either promote putting a new government in office, while remaining silent on other matters, or just seek to extend their term no matter what: Is the Republic of Korea working properly?”

Kim claimed that the New Wave would create three major currents and said, “A wave to wash away corruption, a wave to create more opportunities and more equal opportunities, and a wave to change the politics of two major parties with vested interests.”

This day, Kim addressed President Moon Jae-in and the presidential candidates of the ruling and major opposition parties and proposed a roundtable meeting to overcome the economic crisis triggered by COVID-19 before the end of this year. He suggested that they discuss the government’s response to the crisis at the roundtable, as the candidates have practically been competing to present such measures. He suggested that they draw up a single draft and implement it as soon as possible after decisions by the party and National Assembly. Kim said, “As an expert who was long responsible for managing the economy and the state’s finances, I will lead efforts to design practical measures.”

Kim announced his bid for the presidency last September promising to reform the two-party structure, promote regulatory reforms and decentralize the authority of the president with a constitutional amendment. In October, he organized a meeting of the founders of the New Wave and served as the head of the party founding committee.