People Power Party presidential candidate Kim Moon-soo unveiled plans to launch a government agency dedicated to promoting and achieving regulatory reform.

In his latest economic policy pledge, Kim said the agency would be responsible for unifying regulatory reform functions scattered across different government agencies.

One percent of the annual government budget for research and development would be allocated for projects tied to regulatory reform.

He also pledged to push for passage of a bill that would alleviate "excessive" regulations that hinder the growth of future industries, including healthcare and pharmaceutical companies.

Flexible measures would be adopted for the country's current 52-hour workweek system.