China Bans Key Imports From North Korea
China banned key imports from North Korea starting on Tuesday, choking off one of the isolated nation’s most important sources of foreign currency in response to the latest U.N. sanctions over the country’s nuclear-weapons program.
The bans became effective the day after a joint statement on Monday from China’s Ministry of Commerce and General Administration of Customs. The orders prohibit North Korean iron ore, coal and seafood from entering China, the North’s largest trading partner and biggest source of foreign exchange.
Chinese customs has up to Sept. 4 to process shipments from the North that entered the country before the ban, according to the statement.
China made the move after the imposition of new sanctions by the U.N. in response to a string of missile tests by nuclear-armed North Korea amid growing tensions between the country and the U.S. The North had threatened to fire a missile in the direction of Guam, a U.S. territory midway between Japan and New Guinea, sometime later this month.
The U.S. has tried to pressure China on trade and economic issues to get its support in pressuring North Korea, which counts Beijing as its biggest ally. On Monday, U.S. President Donald Trump authorized a probe into China’s alleged theft of intellectual property, a move that could lead to trade sanctions eventually, according to American media.
But such economic and trade issues fall into a different category from political ones, and should be treated separately, said Hua Chunying, a spokeswoman from the Ministry of Foreign Affairs.
“Given the increasingly converging China-U.S. interests and the close-knit pattern of the two countries being mutually dependent, there will be no future or winner but only losers in a trade war,” she said at a regular media briefing on Monday.
Observers told Caixin that China’s new bans will have a limited impact on North Korea’s nuclear-weapons program. They added their view that no imminent military conflict between U.S. and North Korea was in sight.
“I don’t feel a war is coming,” said Jin Qiangyi, professor at the Center for North and South Korea Studies of Yanbian University in Northeast China’s Jilin province, which lies adjacent to North Korea and is home to a large ethnic-Korean population.
Contact reporter Pan Che (firstname.lastname@example.org)
Jul 03 18:31
Jul 03 16:35
Jul 03 12:42
Jul 02 19:38
Jul 02 16:33
Jul 02 14:50
Jul 02 13:28
Jul 02 12:04
Jul 01 19:08
Jul 01 17:47
Jul 01 16:22
Jul 01 15:59
Jul 01 12:58
Jun 30 18:14
Jun 30 17:59
- 1Cover Story: The Mystery of $2 Billion of Loans Backed by Fake Gold
- 2Dialogue with Jared Diamond: Global Pandemic and Crisis Management
- 3EU May Open Borders to Chinese Travelers if Beijing Reciprocates
- 4Exclusive: China Plans to Grant Securities Licenses to Commercial Banks
- 5Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas