How China hopes to profit from its close ties to North Korea
While UN sanctions have limited the scope for economic engagement, there are still many areas where China can do business with North Korea
As China reasserts its influence over North Korea, it has pledged to restore its economic ties to the country after years of UN sanctions.
Last month, during North Korean leader Kim Jong-un’s third visit this year to China, President Xi Jinping told him that Beijing would support North Korea’s efforts at economic development.
Wang Enbin, the deputy director of the Commerce Department of Liaoning – a province that borders North Korea – said on Monday that China should be prepared to resume cooperation projects which had been suspended under the sanctions, Japan’s Kyodo News reported.
China’s economic support will give the country a clear advantage over other major players in the region – South Korea, Japan, Russia, and the United States – which have lost or never had a viable economic partnership with North Korea.
While the United Nations sanctions prevent individuals and companies doing business with North Korea, there are grey areas that China can explore.