Conservative People Power Party (PPP) presidential candidate Kim Moon-soo has unveiled his economic policy pledges, including a proposal to establish a new ministry dedicated to managing and supervising regulations.

Announcing his pledges at the party headquarters on Sunday, Kim emphasized that the national crisis cannot be resolved through populist policies reliant on taxpayer funding and increased national debt.

The PPP candidate called for consolidating various regulatory reform functions currently spread across different ministries under the new agency, while allocating one percent of the state research and development budget to streamline red tape.

Kim also proposed enacting a basic law on free economic innovation, ensuring that regulations on new industries, which do not exist in other countries, would not be applied domestically.

To reform labor policies, he suggested amending the Labor Standards Act to ease procedures for altering employment regulations, allowing for a wage system in which workers' earnings align more directly with their working hours.

Additionally, the conservative candidate pledged to expand the office of the trade minister to enhance responsiveness to global trade dynamics and evolving supply chains.