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North Korean Businesses In The Country To Close
North Korea has 120 days from September 11th to close.
By Jason Hopkins
on September 28, 2017 at 1:27pm
The Chinese government has dramatically stepped up its pressure against North Korea.
On Thursday, China ordered all North Korean-owned businesses within the country to close. The move is in accordance with the latest United Nations sanctions against North Korean leader Kim Jong Un.
According to China’s Ministry of Commerce, all North Korean business business in the country must cease within 120 days of September 11 — the date when the U.N. Security Council’s latest sanctions were passed.
This gives North Korean-owned businesses until January to close up shop.
The North Korean government currently administers restaurants and other businesses projects in China. The country also allows laborers to cross the border and work in Chinese factories.
The move to punish the North Korean government is just the latest in a string of U.N. sanctions that Beijing has agreed to go along
China announced Saturday it would be cutting off gas and limiting exports of refined petroleum products by January — a devastating blow to the North Korean economy given China is, by far, its largest provider of energy.
These actions also follow official bans on North Korean seafood, iron, coal, lead and lead ore imports enacted since September.
President Donald Trump praised China for ordering North Korean businesses in the country to shut down.
“I applaud China’s latest action to to restrict its trade with North Korea. And in particular I applaud China for breaking off all banking relationships with North Korea, something that people would have thought unthinkable even two months ago,” he said Thursday.
Many said China’s move was thanks to the pressure Trump applied on the nation.
China is a member of the U.N. Security Council with veto power, and in the past has acted as a diplomatic protector to North Korea.
But Beijing, long considered North Korea’s biggest ally on the world stage, has increasingly stood behind U.N. sanctions issued against Kim and his government.
The U.N. has enacted numerous economic sanctions over the years, but North Korea, known widely as “Hermit Kingdom,” has been able to carry on due to its self-inflicted isolation. China, however, is the country’s largest trading partner. Economic sanctions by its northern neighbor dramatically affect revenue into the nation.
Despite international orders to stop, Kim has continued to develop his nuclear and missile program.
Along with advancing his missile technology, Kim has provoked the United States and nearby countries with threats of attack and shows of force. Over the summer, Kim threatened to nuke the American territory of Guam and fired a missile near Japan.
In the face of mounting international pressure, North Korea’s only ally has dramatically increased its cooperation regarding sanctions.
However, China is still reluctant to enact strikingly devastating sanctions as it does not want to see a collapse of the North Korean government.
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