Present there were Pak Pong Ju, Kwak Pom Gi, Ro Tu Chol and officials of ministries and national institutions, chairpersons of people's committees in provinces, cities and counties, exemplary financial and banking officials and officials of relevant organs and industrial establishments.

The participants listened to the recorded speech made by the President "2. On Enforcing the Local Budget System" when making "Conclusion Made at the Political Committee of the Central Committee of the Workers' Party of Korea" dated October 31 and November 1, Juche 62 (1973).

Ro Tu Chol, vice-premier of the Cabinet and chairman of the State Planning Commission, made a report.

He said that the President put forth the original policy of local budget system, basing himself on the comprehensive analysis of the demand of the DPRK's socialist economic development, mission and role of the local power organs and the administration of the state finance.

The local budget system established by the President is a new-type Korean-style budget system and local economic life management method to increase local responsibilities and creativity, bring more benefits to the state and more assiduously manage the local and national economy while fully ensuring the centralistic and planned guidance of the state, the reporter noted, and went on:

The new local budget system provided the ruling party of the working class and the state with the guidelines on managing the local economy in the course of building socialism.

Leader Kim Jong Il in his several works proved the scientific accuracy, originality and validity of the idea and theory of the President and developed them as required by the changed situation.

The enforcement of the local budget system has entered a higher stage thanks to the wise leadership of Marshal Kim Jong Un.

Kim Jong Un published the work "Let Us Build All Counties into People's Paradise Good to Live in by Embodying Spirit of Historic Changsong Joint Conference" and comprehensively indicated the tasks and ways to turn all counties into the people's paradise good to live in by enhancing their role.

He clearly indicated the position of county and made sure that cities and counties bring about a decisive turn in managing local economy and improving people's living standard by learning from the example of Changsong County.

The material foundations for developing local economy have been laid as the policy of the Workers' Party of Korea for local budget system has been implemented under the outstanding and tested leadership of the peerlessly great persons of Mt. Paektu.