President Lee Jae Myung pledged to expand local governments' budgetary authority and relocate more public institutions outside the greater Seoul area, stressing the need to ease the capital's dominance and achieve balanced development.

During a consultative meeting with the heads of city and provincial governments at the presidential office in Seoul's Yongsan District on Wednesday, Lee said Seoul, cities and provinces should become stronger and more equal partners.

Lee said his administration has given regional communities priority in next year's budget plan, sharply increasing subsidies and nearly tripling their self-financing budget to ten-point-six trillion won, or around seven-point-two billion U.S. dollars.

The president said that local governments' autonomy has grown significantly since South Korea adopted a system of self-governance 30 years ago, but that subnational authorities still lack sufficient powers and financial resources.

Characterizing local autonomy as the "elementary school" of democracy, Lee promised to work closely with such authorities to improve daily lives and create a better future.