President Lee Jae Myung on Thursday talked about permanently expelling businesses that abuse their market power by engaging in price fixing, which he said exists like cancer to hinder fair competition, undermine market confidence and impede national economic development.

Presiding over a meeting with his aides, Lee said anti-market collusion is deeply rooted throughout the economy, inflating prices for consumers in sectors like food, apparel and real estate.

The president said sanctions at levels that far exceed the collusive profits should be introduced to eradicate such "low-grade crimes" and enable the country to make a qualitative economic leap.

Some of the real punitive measures Lee mentioned include stripping those involved of their economic rights and interests or increasing their economic burdens.

The president said permanently expelling such businesses from the market should be actively reviewed as he urged his aides to execute strong and prompt response measures aimed at rooting out forces that disrupt the market.