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Dec 21 (Reuters) - The biggest drag on reforms to guide South Korea's economy through the global financial crisis comes from a dysfunctional parliament, analysts say.
Following are major policy changes President Lee Myung-bak's government planned to implement, and what has happened since.
* Initially economic growth to be raised to 6 percent in 2008 from an estimated 5.0 percent in 2007 and 5.1 percent in 2006.
- It has been revised down to a target of 3.6 percent for 2008. The finance ministry set next year's growth target at around 3.0 percent, while the central bank expects 2.0 percent.
* 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 firms.
- 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 Cheon Jong-woo, Editing by Dean Yates)