Feb 2 (Reuters) - South Korean MPs returned to work on Monday trying to pass stalled reforms the ruling party says are needed to steer the export-driven economy through the global financial crisis.
The following is a list of some of the major reform bills proposed by the ruling Grand National Party:
* Corporate income tax rates to be lowered gradually by 5 percentage points over five years. This is a top priority of President Lee Myung-bak's government.
* Revise the Capital Markets Integration Act, which is set to take effect from Feb. 4, to tighten regulations on investments in derivatives.
* Part of the state-run Korea Development Bank to be sold to private investors. Merge state-run firms Korea Land Corporation and Korea Housing Corporation.
* Bail out 7 million delinquent small debtors. Regulators are still working out this plan.
* Raise the level of authorised capital for the Industrial Bank of Korea so it can better help finance small- and medium-sized enterprises.
* Ease the investment ceiling for listed start-ups to help them overcome funding difficulties.
* Reduce housing costs for working class people who do not own their own homes.
Contentious bills that may face further delays include:
* Free trade deal with the United States, which also faces a rough ride in the U.S. Congress. South Korean business leaders say the deal will give the country a leg up over Asian rivals in key U.S. export market while opposition MPs say it will hurt farmers.
* Revising media ownership laws making it easier for private firms to own TV networks. Ruling GNP says law will modernise local broadcast industry while opposition says it will increase power of media conglomerates.
* Abolishing limits on big-company investment in subsidiaries within the same group. The government tried and failed to implement this in 2008.
* A 4 percent limit on non-financial companies' ownership in commercial banks to be replaced with a more flexible system, allowing for up to 10 percent ownership. (Reporting by Jack Kim, Kim Junghyun and Kim Yeon-hee; Writing by Jon Herskovitz)