The ruling People Power Party(PPP) floor leader, Kweon Seong-dong, has called for deregulation to overcome the economic crisis and guaranteed his party's support for any such legislation.

After a consultative meeting on economic policy between the ruling party and the government on Wednesday, Kweon said all attendees agreed on the need for drastic regulatory reforms to revitalize the economy, accusing the previous administration of undermining the vitality of the private sector through excessive market intervention.

He then promised that his party would fervently support legislation curbing excessive regulations that hinder economic growth.

Kweon added that he asked the government to bolster tax relief by lowering corporate tax rates while expanding fuel tax cuts and increasing the basic pension to stabilize livelihoods.

The meeting comes a day before the President Yoon Suk Yeol administration unveils its economic policy direction.