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While various international sanctions have reduced North Korea’s foreign investment to a dribble, China has doubled its trade volume with the impoverished country.
According to Chinese vice-premier Le Keqiang, who is on an official visit to the Democratic People’s Republic of Korea, bilateral trade volume amounted to US$3.1 billion in the first seven months of 2011, registering a year-on-year increase of 87 percent.
In a report by the Chinese state mouthpiece, the Xinhua news agency said that “the relationship between China and the Democratic People's Republic of Korea is entering a new era of vigorous development and boasts a bright future,” and that “China will continue to make unremitting efforts to consolidate and develop friendship and cooperation with the DPRK, and is willing to work with the DPRK side to push the bilateral ties to higher levels.”
Li also stressed that the DPRK's increased emphasis on economic development and improving living standards is broadening its foreign economic cooperation and attracting more Chinese enterprises to do business and invest in the country.
Following Russia's military incursion in Ukraine, the US immediately threatened various sanctions against Moscow, including personal travel bans, an ejection from Russia from the G8, and trade and finance measures. In retaliation, a Putin advisor warned that Russia could abandon the dollar as a reserve currency and/or default on loans to US banks. Neither party however can afford any form of action, nor do they have any real influence over each other’s economies. Read more
Joseph E. Stiglitz,
Stephen S. Roach,
Jeffrey D. Sachs,
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