After ticking off the US, china has now taken issue with leader Kim Jong-Un’s indiscriminate testing of nuclear missiles. According to a BBC report, China told North Korean Companies operating in its territory to shut down by January 2018. The move also applies to joint ventures between both countries. China, which is North Korea’s main trading ally, says affected businesses will be closed within 120 days of the UN’s September 12 decision.
The UN reaches its breaking point
North Korea has been testing and launching dangerous missiles over the past year and assumed a nonchalant attitude to concerned observers worldwide.
There was recently a war of words between Kim Jong-un and US President Donald Trump. Trump said he would do whatever it took to protect his country. Jong-un accused the US of declaring war on North Korea and threatened to shoot down US bombers that weren’t even in its airspace. Dissatisfied with Jong-un’s growing impertinence, the UN’s Security Council announced fresh sanctions against his nation in early September.
Far-reaching consequences
Thousands of North Koreans make their living in China. The South China Morning Post (SCMP) estimates that most restaurants will be affected since nearly 100 of them are managed by North Koreans, including 26 in Beijing. China already banned textile trade and limited oil exports to the controversial nation.
In early September, it also stopped imports of North Korean coal, lead ore, iron, and seafood. It is still uncertain what China will do with its crude oil, which is not covered by UN sanctions and makes up the bulk of its energy supplies to North Korea. The SCMP believes the latter “will lose up to $800 million per year from textile exports and about $500 million from overseas employees”.
Working it out
North Korea’s missile program has raised concerns worldwide, with some fearing an imminent World War 3. This topic, trade, and investment issues will be discussed among senior Chinese leaders and US officials over the weekend. In the past, President Trump has both applauded and denounced Chinese policy. He has also called for a boycott of North Korean goods to stymie Jong-un’s economic hold.
According to the BBC, China's Foreign Ministry spokesman Lu Kang maintained that his people are “opposed to any war on the Korean peninsula." But he reminded North Korea on Thursday, that until it gets its act together, the UN has called for sanctions and the promoting of talks. In moving forward to find common ground, Lu Kang remarked that “we should not overemphasize one aspect while ignoring the other."
The US has welcomed China’s decision. When China acted to prevent its banks from working with North Korea earlier on, President Trump thanked Chinese President Xi Jinping and described it as a “very bold” and “somewhat unexpected move.” CNBC says America’s Bureau of East Asian and Pacific Affairs, acknowledged China’s progress in dealing with Pyongyang on Thursday.
Acting Assistant Secretary Susan Thornton believes slow and steady movements will prove successful. She called on Congress not to enact any new sanctions, but rather, adopt a wait and see approach, at least, for now.
