N. Korea's Dependence on China GrowsUpdated: 2012-12-27 00:00:00 KST
It's no secret China has helped North Korea stay afloat in recent years and it comes as no surprise the North has been expanding its trade with its main political and financial backer.
According to Statistics Korea on Thursday, North Korea's trade with China expanded by more than 13 percent from 2010 to 2011, to five.six billion U.S. dollars last year.
For the first time ever, North Korea's trade with China accounted for over 70 percent of the North's total foreign trade.
And North Korea seems intent on pushing for even closer economic relations with its powerful neighbor.
Experts say that under Kim Jong-eun, North Korea is expected to seek ways to increase foreign investment in its special economic zones such as Rason Economize Zone, located in the northeastern part of the country close to both Russia and China.
North Korea also plans to strengthen economic ties with China through Hwanggeumpyeong, an island located on the border between the two countries.
North Korea told China earlier this year that it will lend the island to China for the next 50 years,.. inviting the country to launch businesses such as IT, tourism, and modern agricultural industry.
Domestically, a report by Statistics Korea showed, North Korea's economy was heavily dependent on agriculture, forestry and fisheries, which took up about a quarter of its industrial structure in 2011.
And experts are predicting greater expansion in the agriculture sector under Kim Jong-eun in the coming years.
They say North Korea will push for regulatory reforms that will create greater incentives for farmers,… by allowing them more freedom and giving them a higher disposable income.
Yoo Li-an, Arirang News.
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