South Korea on Thursday proposed a record 513 trillion won budget for next year, up over nine percent from this year.

The government approved the 2020 budget at a Cabinet meeting at the presidential office and plans to submit it to the National Assembly next Tuesday.

Total spending will increase nine-point-three percent to 513-point-five trillion won, topping the 500 trillion won mark for the first time. The budget growth surpassed nine percent for the second consecutive year for the first time since the 2009 financial crisis. 

As part of efforts to deal with Japanese trade restrictions, the government allocated 24-point-one trillion won for research and development activities, up 17-point-three percent from a year earlier and the largest such hike in a decade. 

The government earmarked 23-point-nine trillion won to stimulate the private economy, up 27-point-five percent from a year earlier.  

The budget proposal also includes 22-point-three trillion won to improve roads, railroads and social infrastructure, and to build public libraries as well as community sports and cultural centers.