Beijing cracks down on North Korean companies
Joint ventures with North's firms must also close
China has ordered North Korean companies and joint ventures operating in the country to shut their operations within 120 days.
Beijing’s move follows the approval of the latest UN Security Council resolution, China’s Commerce Ministry announced Thursday.
Korea JoongAng Daily reports that the decision is in step with sanctions unanimously adopted by the UN Security Council in New York on Sept. 11, which aim to cut off revenue for North Korea’s nuclear and missile program in response to the regime’s sixth nuclear test on September 3.
North Korea-owned businesses will have to shut down by January. 9, the Commerce Ministry said. Overseas Chinese joint ventures with North Korean entities or individuals are also due to be closed.
JoongAng says this could target over 100 North Korean restaurants operating in China, many of which are run as joint ventures. The latest Security Council sanctions also prohibit work authorization for North Korean overseas laborers.