This report was originally published by Tyler Durden at ZeroHedge.com
In the latest sign that China is moving to dramatically limit its exposure to its restive neighbor and long-time economic dependent, Chinese authorities on Thursday ordered all North Korean firms to stop doing business in the world’s second-largest economy, fulfilling Beijing’s obligations according to the latest round of UN Security Council sanctions, which were passed two weeks ago.
The order comes just days after President Donald Trump revealed that the People’s Bank of China had asked the country’s banks to sever their business ties with North Korea.
Specifically, they were ordered to stop providing financial services to North Korean customers and to wind down existing loans, severing one of North Korea’s most reliable connections to the global financial system. It was reported that the banks were warned that continuing to transact with North Korean business could result in embarrassment and economic losses, according to Russia Today.
After the UN Security Council passed new sanctions two weeks ago, the Chinese Commerce Ministry said North Korean firms and joint ventures in China would be closed within 120 days.
Meanwhile, on Tuesday, the US announced sanctions against eight North Korean banks and 26 individuals. The new punitive measures followed President Trump’s executive order targeting North Korea’s access to the international banking system.
Perhaps the intensifying economic desperation in the isolated country has helped push more young men and women to volunteer for the country’s army. According to official propaganda, nearly 5 million North Koreans have volunteered for the army over the past week. That’s a staggering success rate for the country’s recruiters, considering the North has a population of about 25 million people.
China’s President Xi Jinping has sought to soothe Trump’s doubts about Beijing’s commitment to denuclearizing North Korea, though the Chinese government has continued to advocate for talks between the two countries that could eventually lead to a peaceful settlement.
Pyongyang has accused the US of “declaring war” on the North, claiming that Trump’s violent rhetoric and repeated promises to “destroy” North Korea and topple the Kim regime constituted a declaration of war. Of course, the US has denied this, and both sides have continued to trade increasingly detailed threats. The North, for example, recently threatened to test a hydrogen bomb over the Pacific Ocean. Meanwhile, Trump responded that the US has devised “four or five” military options for dealing with North Korea.
US officials have expressed hope that the economic sanctions will force North Korea to the negotiating table. However, their economy has proven resilient so far. But will China’s decision to sever ties with the North make a difference? We should know soon.
There is only one way to deal with these nips and that is to fire-bomb their filthy asses!! You do not dare to trust them as their word means absolute shit!! Do not fall for it Donald.
you aren’t CONCERNED about the thousands of SOUTH koreans that will die if we bomb the norks?
They’re doomed regardless…much like us…keep stackin.
We need to be CONCERNED with the US and US Citizens for a change.
USA shouldn’t even BE in SK. They can afford to defend themselves. Let them deal with it, or be rolled over by DPRK.
DPRK will see this as confirmation that they should sprint towards mass production and dispertion of their facilities/weapons.
All NoKo businesses must stop doing business in China. They are now all funny looking Hindu businesses. Disguised as Dunkin Donuts.
This is significant. China is the only country to have significant influence on the fat boy. I worry that the fat boy will lash out militarily in an attempt to force China to come to his aid.
This asshole needs to quietly and mysteriously die – and China is just the entity that could make that happen.
Different ways to look at this. Wait 120 plus days to see the economic impact. If they really
tighten the screws and NK believes big brother China pulled out the rug from under them…………………………might be the straw that breaks the camels back. There are secret
negotiations behind the scenes that the corporate media is not privy to. Can’t see our
military doing anything before that. Economic punishment can be a big tool. Without China,
NK can’t do squat. The carrot and stick approach by China might be, we will let you join
Belt Road Initiative, you want to be rich don’t you? Shelf the nukes (for now) and come under our (China,Russia) economic umbrella. Then the US really can’t touch you because
if they upset business, WE WILL get involved.
Cina is only RELUCTANTLY going along with the UN sanctions. Under any other circumstances China would tell the UN to go to hell. It’s better if they or Russia dealt with NK and keep the US out of it.
North Korea should know that there will be absolutely no doubt if and when they have provoked us to war. North Korea has threatened the USA for many years without provoking a war, but they might get their wish if the provocations continue. There will be no restricted-ground-war next time.
Better idea, denuclearize all nations on Earth, that would make the people of every nation rest easier. Eliminate that threat to humanity, of course that’ll never happen because insanity reigns supreme. Who can survive a total nuclear exchange? Easy answer, US cockroaches burrowed underground.
Aljamo totally agree. dumbest thing ever invented.
Sorry, Aljamo. Nice sentiment, but you can’t unring a bell. Nukes are here to stay.
North Koreans only have to look across the Yalu River and see how much better the Chinese people have it. If they look across the border into South Korea, they can see how much better the South Koreans have it. It is okay to look to the east or the west. It is called the “Hermit Kingdom”. That is what it has become.