China says North Korean businesses in country will shut within 120 days of UN resolution

The U.N. Security Council voted unanimously on Sept.12 to boost sanctions on North Korea, banning its textile exports and capping fuel supplies.

North Korea, North Korea missiles, China, North korea sanctions, China North Korea, World news

North Korea’s Supreme leader Kim Jong-un watches the launch of Hwasong-12 missiles. (Source: Reuters)

Affirming its earlier decision, China on Thursday said North Korean firms or joint ventures in the country will be shut within the 120 days of the latest United Nations Security Council sanctions passed on September 12, as per Reuters. In a statement, the commerce ministry said that Overseas Chinese joint ventures with North Korean entities or individuals will also be closed. The ministry, however, did not give a timeframe.

On September 12, the United Nations Security Council (UNSC) voted unanimously to enhance sanctions on Pyongyang, banning its textile exports and capping fuel supplies. The decision to boost the sanctions was spurred after 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.

Taking into account the worst case scenario in the event of a war on the Korean peninsula, China struck a cautionary tone saying it will have no winner. China’s Foreign Ministry spokesperson Lu Kang had told Reuters that Beijing hopes that US and North Korean politicians can realise that resorting to military means would never be a viable way out. Beijing also disapproved of the escalation of the war of words between the United States of America and North Korea.

Meanwhile, South Korea today said it expects more provocative acts by Pyongyang in October to coincide with the anniversary of the founding of the North Korean communist party and China’s all-important Communist Party Congress. National security advisor Chun Eui-yong, in a meeting with President Moon Jae-in, said he expected Pyongyang to act around Oct. 10 and 18, but gave no details. The report by Chun Eui noted that the risk of a military conflict could be sparked by “accidental incidents”.

(With inputs from Reuters)

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