Ruling party calls for expansionary fiscal policy

The ruling Democratic Party of Korea called for expansionary fiscal policy Tuesday, as expectations rise that the annual budget bill for next year could exceed 800 trillion won ($577.9 billion) for the first time. President Lee Jae Myung said in a Cabinet meeting at Cheong Wa Dae that South Korea should not "make a mistake" of fixating on "managing fiscal capacity." "We must take advantage of our increased fiscal capacity ... and transition to a productive fiscal strategy," Lee told the Cabinet.