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China Bans New Business with N. Korea

News2017-08-27
China Bans New Business with N. Korea

China’s Commerce Ministry has banned North Korean individuals and firms from doing new business in China in line with the United Nations Security Council sanctions adopted earlier this month.

The ministry posted a notice on its Web site on Saturday, saying that new joint venture enterprises and the expansion of existing entities involving North Korean individuals or companies are prohibited in China.

Under the new measure, which takes effect immediately, North Korean nationals will not be allowed to establish any new company in China, whether it is a joint venture with a Chinese partner or a firm with foreign capital.

The ministry also said that it would not approve new or expanded investment by Chinese companies in North Korea, which violated the UNSC resolutions.

The ban was announced in the wake of sanctions by the United States and Japan against North Korean individuals and entities.

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