China banned North Korea to setup new businesses and expansions

China’s commerce ministry banned North Korean individuals and enterprises from doing new business in China, in line with United Nations Security Council sanctions passed earlier this month.

New joint venture enterprises, new wholly owned businesses and the expansion of existing entities involving North Korean individuals or companies are prohibited in China, a notice said on Friday .

Applications for new or expanded investment in North Korea by Chinese firms would not be approved either. New sanctions by China, Japan, the US and the UN are aimed at pressuring Pyongyang to end its nuclear programme.

Meanwhile, China criticised the economic sanctions imposed by Japan on some Chinese firms for their links with North Korea and warned of consequences if the decision was not withdrawn. Tokyo’s decision involves freezing the assets of those believed to be collaborating with the North Korea in exporting coal and sending labour abroad, and is meant to curb capital inflows into the rogue nation.

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Source: http://epaperbeta.timesofindia.com

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