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SEOUL, Nov 27 (Reuters) - South Korea's president met leaders of his conservative Grand National Party to heal an internal rift that has delayed reforms, including some that were intended to help Asia's fourth largest economy through the global financial crisis.
Following are major policy changes that Lee's government planned to implement, and what has since happened.
* Economic growth to be raised to 6 percent in 2008 from estimated 5.0 percent in 2007 and 5.1 percent in 2006.
- It has now been revised downward to a target of 4.7 percent for 2008. Some top policy officials have said it could be cut again to the low 4 percent range.
* Corporate income tax rates to be lowered gradually by 5 percentage points over five years.
- This plan has been delayed but is still high on the government's agenda.
* Financial supervisory agency to consider ways to bail out some 7 million delinquent small debtors.
- This is still being worked out.
* Government ministries and agencies to be merged or restructured to save running costs.
- Lee was forced to scale down this plan due to political opposition.
* Abolish limits on big-company investment in other companies.
- The government wants to implement this within 2008.
* A 4 percent limit on non-financial companies' ownership in commercial banks to be replaced with a more flexible system, allowing for more ownership.
- Regulators have presented a bill to parliament on these reforms but the legislation has yet to be approved.
* The government to promote privatisation of the postal service.
- Not yet done and little momentum for plan.
* Part of the state-run Korea Development Bank to be sold to private investors. Proceeds to fund national projects.
- The KDB plan has not been implemented yet. (Reporting by Jon Herskovitz and Kim Yeon-hee; Editing by Jan Dahinten)