Main opposition Minjoo Party of Korea Chairman Kim Chong-in has hinted that his party will cooperate with the government on restructuring insolvent companies.

Kim said on Wednesday during the party’s emergency planning committee meeting that the main opposition party will cooperate with the government as long as the reforms properly address the companies’ structural problems.

Kim, however, stressed that the government should not repeat the practices of corporate restructuring during the 1997 to 1998 foreign currency crisis in which the government poured money into insolvent companies that only temporarily allowed firms to stay afloat. 

The opposition chief emphasized the need to carry out aggressive and fundamental restructuring, saying that the nation should examine if its current economic system could lead the country’s development in the long term.