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Kim Byung-ki, floor leader of the ruling Democratic Party, speaks during a strategy meeting on the National Assembly audit at the National Assembly in Yeouido, Seoul, on October 28. / Source: Yonhap News

South Korea’s ruling Democratic Party declared Tuesday that it will “steadily push forward toward the KOSPI 5,000 era” while pursuing both economic reform and accountability for what it described as “insurrection forces.”

At a National Assembly strategy meeting on October 28, Floor Leader Kim Byung-ki said the ongoing National Assembly audit will serve as a “hearing for clearing up the insurrection and restoring livelihoods,” emphasizing the party’s commitment to “writing a new chapter in history together with the people.”

Kim praised President Lee Jae-myung’s recent diplomatic performance at the ASEAN Summit, calling it “a substantial achievement that protects the people from criminal threats.” He added that the upcoming APEC Summit, to be hosted by South Korea in Gyeongju later this week, would be “a watershed moment for reshaping the global economic order and setting the course for regional security.”

“The KOSPI surpassing the 4,000 mark and leading global markets in growth shows that the Lee administration’s capital market revitalization policies are producing tangible results,” Kim said. He noted that despite concerns following the December 3 insurrection — which wiped out an estimated 144 trillion won in market value — the market had “defied pessimism and made history.”

Kim added that the government and ruling party would ensure “the profits of growth are returned to the people through financial investment and industrial expansion.”

“The Democratic Party will complete this parliamentary audit as a process of cleansing the insurrection and reviving livelihoods,” Kim said. “We will hold those responsible for the insurrection legally and politically accountable while advancing key reform policies that strengthen the economy.”

He pledged that as the ruling party, the Democrats would “communicate the achievements of the first five months of the Lee administration and work solely for the people and the economy.”