President Lee Myung-bak lauded ex-ruling party leader Chung Mong-joon’s donation of 200 billion won ($186 million) for charity, which came a day after Lee called for a compassionate market economy.

Lee said Chung’s donation was “a very good thing” during a weekly meeting with his aides on Wednesday, those who attended the meeting said.

Lee noted that the Chung’s endowment was made shortly after Lee championed “ecosystemic” development, a socioeconomic vision for mutual growth of large and small companies as well as narrowing gaps between the rich and poor.

“Several tycoons have had their companies donate property, but it is the first time a chaebol owner contributed such a great amount of personal wealth,” an aide to Lee said.

Chung, major shareholder of Hyundai Heavy Industries Co., announced Tuesday that he will donate 200 billion won from his private coffers, and led former affiliates of Hyundai Group to contribute another 300 billion won for charity.

By Kim So-hyun (sophie@heraldcorp.com)