North Korea may designate Bidan Island in North Pyongan Province as a new special economic zone.

Japan’s Tokyo Shimbun newspaper said Tuesday that Pyongyang is planning to resettle the island's current residents to make way for the construction of a financial center that would be opened up to the outside world.

The report added that during his visit to China in January, North Korean leader Kim Jong-il had received Beijing’s advice and support on the matter.

Located near the mouth of the Abrok ( Yalu ) River that serves as the North's border with China, Bidan Island has a population of around 200-thousand.