World Economy

China Bans New Business With N. Korea

China Bans  New Business  With N. KoreaChina Bans  New Business  With N. Korea

China’s commerce ministry late on Friday banned North Korean individuals and enterprises from doing new business in China, in line with United Nations Security Council sanctions passed earlier this month, Reuters reported. New joint venture enterprises, new wholly owned businesses and the expansion of existing entities involving North Korean individuals or companies are prohibited in China, according to a notice released on the ministry’s website. Applications for Chinese new or expanded investment in North Korea by Chinese companies would not be approved, the ministry said. The new measures take effect immediately. New sanctions by China, Japan, the United States and the United Nations are aimed at pressuring Pyongyang to end its nuclear weapons program.  “The Trump administration is saying to the Chinese, ‘If you don’t work with us in New York, we will do a lot more of these secondary sanctions and not just against small fry, but also big companies’,” said Gary Samore, former coordinator for arms control and weapons of mass destruction in the Obama White House, Bloomberg reported.


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