China to strictly carry out latest UN sanctions against N.Korea as trade declines

By Huang Ge Source:Global Times Published: 2017/9/14 21:58:40

China has been comprehensively and strictly carrying out UN sanctions against North Korea, and will continue to comply with the world body's latest measures against the country, a Chinese official said Thursday.

The Ministry of Commerce (MOFCOM) said it will work with relevant departments to roll out detailed measures based on Chinese laws and regulations at appropriate times in response to the UN's new sanctions against North Korea related to economic and trade sectors, Gao Feng, spokesman for MOFCOM, told a press conference held in Beijing.

The UN Security Council on Monday unanimously announced sanctions against North Korea over the country's latest nuclear test on September 3, imposing a ban on North Korea's textile exports and limiting imports of crude oil.

Starting from this year, trade between China and North Korea has been slowing month by month, Gao said.

From January to July, bilateral trade rose by 10.2 percent year-on-year, down 21 percentage points compared with the first quarter of this year, according to MOFCOM data.

China's imports from North Korea began to see negative growth from March onward, Gao said, adding that China's imports from North Korea decreased 16.3 percent year-on-year in the first seven months.

Trade between China and North Korea is expected to have slowed further in the January to August period, Gao said.

Posted in: MARKETS,ECONOMY

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