HONG KONG (Yonhap) -- North Korea has held a cabinet meeting to discuss the country's economic issues, a Chinese state media said Monday, as the communist regime reportedly makes efforts to reform its sickly economy.



The People's Daily reported on its Chinese-language Web site that North Korea's cabinet members recently gathered to review the country's third-quarter economic performance and discuss targets to be achieved in the fourth quarter.



The meeting was presided over by North Korean Prime Minister Choi Yong-rim, the report said, citing the cabinet's mouthpiece "Democratic (North) Korea".



The report did not disclose when the meeting was held.



In the third quarter, North Korea saw a substantial increase on-year in its output of electricity and coal, the report said.



It also boosted production of air compressors, transformers, mining machines, wire, cement and other industrial products in the July-September.



Accordingly, the local industry has achieved an output level 7 percent higher than its original plan, while local budget revenues were 13.4 percent higher than original estimates, the Chinese newspaper said.



The North Korean cabinet members shared the view that the fourth quarter will be an important period for the regime to achieve its annual economic target for this year.



In a bid to achieve this year's target, the country will continue to focus on producing electricity and coal, the report said.



The cabinet also agreed to fully implement universal 12-year compulsory education, promulgated at the Supreme People's Assembly last month.



Speculation has recently risen that the secretive regime will take legal steps to start economic reforms as new leader Kim Jong-un is seen to be seeking to consolidate his power partly through fixing the broken economy.



Last month, a seminar aimed at attracting foreign investment in North Korea was held in a Beijing hotel.