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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.
Recent demonstrations in Taiwan against a trade deal with China reflect the public’s deep mistrust with the mainland. Yet Taiwan needs these trade deals to sustain its economy, not just with China, but with the rest of Asia. Taiwan's demonstrators occupied its legislature on March 18 to 24 to resist a new trade bill with the mainland. And yet, Taiwan needs regional economic integration to sustain its economy. Read more
Stephen S. Roach,
Mario Blejer & Eduardo Levy Yeyati,
Isam al Khafaji,
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