Prime Minister Han Duck-soo held a meeting with new leader Lee Jae-myung of the main opposition Democratic Party (DP) on Thursday and discussed legislative cooperation to improve people's livelihood issues.

The meeting between Han and Lee marked their first since Lee was elected the DP's new chairman in a national convention Sunday.

Han told Lee that the government "looks forward to managing state affairs through cooperation and politics of cooperation with the Democratic Party," according to party officials.

In response, Lee told Han that the DP will cooperate with the government on livelihood issues, but he "will hold (the government) in check if necessary as an opposition party's original role."

Lee also criticized the government for reducing a tax on companies that report an operating profit of more than 300 billion won ($223 million).

Han said he plans to set up a consultative body among the ruling People Power Party, the DP and the government.

Cooperation from the DP is key to passing any bill as the party holds 169 out of 299 parliamentary seats. (Yonhap)