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`China rejects N Korea`s law on economic zone`
China has rejected North Korea`s law on developing two islands near their border over the lack of business-friendly elements.
China has rejected North Korea`s
law on developing two islands near their border over the lack
of business-friendly elements, a South Korean media report said,
citing a source familiar with the issue.
North Korea announced the law on developing Hwanggumphyong and Wihwa islands last month as part of its attempt to turn them into an economic zone to boost ties with China and develop external economic relations.
China subsequently told North Korea that it considers the law to be not business-friendly, citing problems regarding taxes, accounting, remittance of profits and stability of investments, the Yonhap News Agency report said. The two neighbours are in talks on the issue, so North Korea might soon revise the law to incorporate business-friendly elements, the source said.
The two border islands situated at the estuary of the Yalu River have long been tapped as a joint economic development zone between the two traditional allies.
PTI
North Korea announced the law on developing Hwanggumphyong and Wihwa islands last month as part of its attempt to turn them into an economic zone to boost ties with China and develop external economic relations.
China subsequently told North Korea that it considers the law to be not business-friendly, citing problems regarding taxes, accounting, remittance of profits and stability of investments, the Yonhap News Agency report said. The two neighbours are in talks on the issue, so North Korea might soon revise the law to incorporate business-friendly elements, the source said.
The two border islands situated at the estuary of the Yalu River have long been tapped as a joint economic development zone between the two traditional allies.
PTI