Ruling Democratic Party Chair Lee Hae-chan has vowed to pass bills on the economy and real estate market by all means during Tuesday's plenary session, which is the last day of the July extraordinary assembly.

During his party's supreme council meeting on Monday, Lee also said new laws on tenant protection that have taken effect were pushed through in an unusually swift manner to ease market confusion as soon as possible.

He asked the party and government to maximize promotion of the purpose and content of the new rules and swiftly address conflict that may arise between landlords and tenants due to misunderstandings of the new leasing system. 

The ruling party chief also said the South Korean economy contracted three-point-three percent in the second quarter, putting up a relatively good defense compared to other countries such as the U.S. and Germany.

He said the economy could rebound in the third quarter amid positive economic signs including a slowed decline in exports.

Lee also called on his party and government to devise new measures to boost domestic demand and consumer spending as special relief funds paid out to all Korean citizens have been nearly consumed.