Pyongyang, April 2 (KCNA) -- Under the wise leadership of the President Kim Il Sung, the Democratic People's Republic of Korea successfully laid foundations of socialism and turned to be a socialist industry-agriculture state with the basis of self-supporting national economy in the early 1960s.

At that time, the President wisely led the work for introducing a new system in socialist economic management in keeping with the developing economy.

He convened the second enlarged plenary meeting of the Forth Central Committee of the Workers' Party of Korea and put forward the tasks for ministries and management bureaus to raise the level of economic guidance and for enterprises to improve their management method.

On December 6, Juche 50 (1961) he visited the then Taean Electrical Machinery Plant. He learnt about how the production guidance, materials delivery, welfare service activities and party committee's leadership over the economic management were going on at the factory.

He personally called at worksites, a boarding house and families of the plant's workers.

He then convened a consultative meeting of the plant's party and administrative officials to hear about its overall management.

In order to know whether the shortcomings, found in the management of the factory, pervaded all other economic sectors, he made a survey tour of the Pyongyang Textile Mill.

In the meantime, he discovered that the plant's shortcomings were also attributable to the General Bureau of the Machine-building Industry which was under the Heavy Industry Commission.

On the basis of deep analysis of the works in the plant, the mill and the general bureau, he called an enlarged meeting of the Political Committee of the C.C., the WPK on December 15, 1961, at which he disclosed the defects he had found and suggested establishing a new system of industrial management.

At an enlarged meeting of the party committee of the Taean Electrical Machinery Plant the next day, he advanced the Taean system, a new industrial management system.

The Taean system called for ensuring collective leadership of the plant's party committee, instead of manager's unilateral guidance, unified and intensive guidance over production, delivering materials from the higher units to the lower and making welfare service activities on a well-organized way.

Afterwards, he gave field guidance to many units to make sure that the new system was introduced in the industrial sector.

With the new system applied, the Taean Electrical Machinery Plant topped the yearly quota for 1962 two months ahead of schedule.

On the basis of the system, the Korean people could finish the nation's socialist industrialization in less than 14 years.