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    The Changing Structure of Economic Cooperation between China and North Korea

    Choi, Jangho; Im, So Jeong | June 2016
    Abstract
    The Chinese economy has been slowing down since 2007. Since the deceleration of the hyper-infrastructure building process, China’s import of raw materials worldwide has also decreased, which has led to falling raw material prices. China’s GDP growth peaked in 2007 and began to drop ever since, save a brief increase in 2010. In 2014 its GDP growth rate was 7.3 percent, still a considerable number, but obviously not as significant as its previous two-digit, rapid growth period. Such a decrease in China’s GDP growth rate has been reflected in the fall of global coal and iron ore prices (figure 1). Compounding this trend is the global financial crisis, during which global demand for iron and steel dramatically declined, causing a drop in exports of China’s iron and steel companies. This in turn has led to lower demand for overall raw materials in China, in particular iron ore, which was previously needed by growing iron and steel manufacturers. China’s economic slowdown has been both a result of and a reason for the stagnant world economy as a whole, but it especially has big ramifications for North Korea, which is highly dependent on China as its trading partner, with over 90 percent of imports and exports being traded with China in recent years. For example, North Korea’s exports to China decreased in 2014 compared to the previous year, and the items that contributed to this fall were iron ore and anthracite, traditionally the two main export items from North Korea to China. Such a trend has continued on to early 2016, and this trend has not been limited only to North Korea. For example, Vietnams’ anthracite export to China in April 2016 has seen a 30 percent decrease from that of April 2015. Australia’s iron ore export to China in April 2016 has seen a 14 percent decrease from that of April 2015.
    Citation
    Choi, Jangho; Im, So Jeong. 2016. The Changing Structure of Economic Cooperation between China and North Korea. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/9174.
    ISSN
    2233-9140
    Keywords
    Risk Financing
    Regional Development Finance
    Public Finance
    Infrastructure Financing
    Financing of Infrastructure
    Financial Security
    Financial Intermediation
    Finance And Trade
    Enterprise Financing
    Trade Regulation
    Trade Finance
    Regional Trade Agreements
    General Agreement On Tariffs And Trade
    Foreign and Domestic Financing
    Cybersecurity
    Taxation
    Business Financing
    Investment Requirements
    Capital Needs
    Tax Incentives
    Project Risks
    Tariff agreements
    Customs conventions
    Import policy
    Export policy
    International Monetary Relations
    Local Finance
    Banks
    Capital Market
    financial statistics
    Foreign trade
    Digital
    Investments
    Finance
    Market
    Markets
    Use tax
    Tax administration and procedure
    Taxing power
    Effect of taxation
    Business enterprises
    Foreign trade and employment
    Mentoring in business
    Trade routes
    Bills of exchange
    Swaps
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Stock exchanges
    Market
    Exchange
    Balance of trade
    Cyber Security
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    Citable URI
    http://hdl.handle.net/11540/9174
    Metadata
    Show full item record
    Thumbnail
    WEU16-15.pdf (690.1Kb)
    Author
    Choi, Jangho
    Im, So Jeong
    Theme
    Finance
    Trade
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise