October 16, 2007 (LPAC)--Former Uri Party chairman Chung Dong-young was nominated as the presidential candidate of the United New Democratic Party at a party convention on Monday and becomes the governing party's candidate to challenge front-running candidate Lee Myung-bak in the upcoming December presidential elections. Chung's background includes having been South Korea's Unification Minister.

Greatly simplifying the South Korean political situation, both candidates are running on platforms of economic reconciliation with North Korea and the development of its economy along with that of South Korea.

The Korean Times reports on the candidate's economic policies as follows:

"Lee Myung-bak of the main opposition Grand National Party (GNP) is championing his so-called "747 Vision"--7 percent growth, $40,000 per capita income and becoming the seventh largest industrialized country."

"Chung's mottos are 'growth without discrimination' and a 'peace economy' as he will seek to power the economy through promoting peace on the Korean Peninsula.

"Lee seeks corporate tax cuts with a priority on growth [including large-scale development projects]. Chung is looking to the efficient use of tax with equal balance placed on growth and redistribution, following in the footsteps of the current Roh Moo-hyun administration's policies."