North Korea’s announcement of its economic reform plan anticipated in the new year

Posted on : 2009-12-24 12:38 KST Modified on : 2019-10-19 20:29 KST
Some experts are worried that North Korea’s style of market reform may lead to absorption by China’s economy
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There has been a lot of activity in the border area between North Korea and China in early December that experts attribute to changes in China’s Northeast Development Strategy and North Korea’s economic reform. Furthermore, they suggest there have been signals that there will be an economic reform in North Korea that will be launched in earnest starting next year.

One expert in China who has had exchanges with high ranking North Korean officials for the past several years told a Hankyoreh reporter recently, “I have heard that North Korea will announce its plans for economic reform through the 2010 New Year’s Joint Editorial.” He added, “I have also heard that North Korea’s leadership has decided to move up the schedule for economic reform after Chinese Prime Minister Wen Jiabao’s visit last October.”

He continued to say, “The price of goods doubled following the currency reform that happened Nov. 30, but North Korea’s government is prepared to release stocked goods when it announces its economic reform.” He added, “The economic reform will be North Korean in style, in that it will attempt to maintain an ability to control and lead the market economy.”

Another expert on North Korean issues that has visited North Korea recently said, “North Korea will announce a plan of openness and reform early next year in order to address soaring prices that have followed the currency reform by providing more goods.”

Observers say North Korea appears to be pursuing various economic development projects connected with China’s Northeast Development Strategy, which has been in place since 2003. Thus, many experts are saying North Korea will make the border area that includes Sinuiju a core aspect of its economic reform plan. Some are concerned that this approach to economic reform suggests North Korea’s economy could easily be absorbed into China’s economy.

Please direct questions or comments to [englishhani@hani.co.kr]

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