Both Lee and conservative Kim pledged change for a country deeply scarred by a shock martial law briefly imposed by former leader Yoon Suk Yeol.

South Korea’s main conservative candidate Kim Moon Soo has conceded defeat in the presidential election. Kim, the candidate of the People Power Party, told a news conference early Wednesday that he “humbly accepts (the) people’s choice” and congratulates his liberal rival Lee Jae-myung for winning the election.

Lee’s presidency does not represent a victory for democracy. Rather, he will impose the demands of the ruling class for austerity no less ruthlessly than the previous administration.