South Korean Prime Minister Lee Hae-chan said on Thursday both he and the president were guided by the market in economic policy, dismissing talk in some media and business circles that the administration was left-leaning in this area.
"Both the president and the prime minister trust the market economy and are not leftist on economic policy," Lee told business executives at a meeting hosted by the Korea Chamber of Commerce and Industry.
Finance Minister Lee Hun-jai also told a televised forum on Wednesday the current administration could be labelled centre-right in terms of economic policy.
President Roh Moo-hyun, a former labour lawyer, has frequently emphasised the importance of wealth re-distribution in economic policy, a remark interpreted by some in the market as indicating a policy shift away from the economic growth.
A recent budget ministry plan also showed this week the country would increase fiscal spending on welfare projects more rapidly than on projects aimed at helping industrial sectors.