BEIJING (Reuters) – China’s commerce ministry said on Thursday that North Korean firms or joint ventures in China will be shut within the 120 days of the latest United Nations Security Council sanctions passed on September 12th.
Overseas Chinese joint ventures with North Korean entities or individuals will also be closed, the ministry said in a statement on its website, not giving a timeframe.
The UN Security Council voted unanimously on September 12th to boost sanctions on North Korea, banning its textile exports and capping fuel supplies.
The UN action was triggered by North Korea’s sixth and largest nuclear test this month. It was the ninth Security Council sanctions resolution over North Korea’s ballistic missile and nuclear programs since 2006.
In August, China’s commerce ministry announced that North Koreans would be banned from setting up new business in China as part of previous UN sanctions against Pyongyang’s pursuit of nuclear weapons. In addition, China’s central bank has reportedly told all banks to cease doing business with North Korea.
As tensions continue to escalate between the United States and North Korea, US Secretary of State Rex Tillerson is due to arrive in Beijing this week to discuss the crisis with high-level Chinese officials.
Prior to Tillerson’s trip, the US State Department praised China for “taking enormous steps in the right direction” regarding sanctions against its tiny neighbor. China is North Korea’s main trading partner, but trade between the two nations has been squeezed this year with China imposing sanctions against the DPRK to comply with resolutions passed by the UN.
(Christian Shepherd / Reuters)