The ruling Democratic Party is set to hold a national convention on Saturday to elect its new chief, with Lee Hae-chan, a charismatic former prime minister, leading the three-way race.

Last month, the DP shortlisted three candidates for the election to succeed incumbent chairwoman Choo Mi-ae -- Lee, former Finance Minster Kim Jin-pyo and former Incheon Mayor Song Young-gil.

Lee, 66, a seven-term lawmaker, is leading opinion polls by a large margin. The seasoned politician has close ties to President Moon Jae-in. He served as prime minister from 2004-2006 under the administration of President Roh Moo-hyun. President Moon was Roh's chief of staff.

Lee's supporters said that if elected, he would set better relations with the presidential office Cheong Wa Dae, while opponents call him an old-guard politician unfit for leading party reform.

Kim Jin-pyo, a 71-year-old four-term lawmaker, emphasized his experience as an economic expert at a time when the Moon government is being slammed by opposition parties for its tepid economic performance. Kim served as the finance minister from 2003-2004.

Opposition parties have stepped up their offensive against Moon's signature policy of "income-led growth" amid a slowing economy and sluggish job growth.

Song, a 55-year-old four-term lawmaker, called for a generational change of party leadership. He was until recently the chairman of a presidential panel designed to seek economic cooperation with Eurasian countries. (Yonhap)