DPRK rejected for AIIB membership as ties with China sour

Want China Times, Staff Reporter 2015-04-09

Kim Jong-un inspects an aircraft factory in Pyongyang on April 1.
(File photo/Xinhua)

Beijing has rejected North Korea's application to join the China-led Asian Infrastructure Investment Bank (AIIB) with the traditionally close relationship between the two countries at a nadir after the Kim Jong-un regime ignored Beijing's requests and proceeded with missile launches and a nuclear test, reports the Hong Kong-based Ming Pao.

Pyongyang is understood to have expressed its interest in joining the new financial institution as early as February. However, Beijing turned North Korea down on the grounds that its financial industry is underdeveloped and the country does not provide detailed information on its economy and financial market.

The Chinese government cannot accept Pyongyang's application since it would confirm that the doubts of the United States and Japan about the AIIB meeting international standards of transparency are reasonable, the paper said. North Korea must abide by international norms and laws — such as providing details of its economy — if it does not want to be further isolated and wants to join international financial bodies, it said.

The Chinese government is also concerned about the reaction from South Korea and European countries that have applied to join the AIIB if it were to accept Pyongyang's application, as their opposition or withdrawal could sabotage the AIIB's establishment.

Relations between North Korea and its old ally China have soured since Kim took over from his late father Kim Jong-il at the end of 2011. Beijing took the rare step of agreeing to UN sanctions against the country after it proceeded with missile and nuclear tests in the face of international opposition.

Kim is seeking to play China off against Russia by pursuing stronger diplomatic and economic ties with the country. Pyongyang's relations with Moscow have warmed since last year with the Russian government writing off longstanding debt and both sides declaring a "year for friendship" for this year.

Kim has also accepted an invitation to attend events marking the 70th anniversary of the end of World War II in Europe to be held in Moscow on May 9. In doing so, Kim will make Russia the first foreign country he has visited since taking power, a clear snub to China, Ming Pao said, though the report expressed doubt as to whether North Korea will derive much economic benefit from the relationship with the Russian economy struggling amid Western sanctions and falling oil prices.

Wang Yi, China's foreign minister, said last month that China cherishes its long-term relationship with North Korea and will ensure relations develop as usual without being affected by a single incident. Ming Pao said Wang was reminding Kim that ties can only be improved by a meeting between the two countries' leaders and that his regime should stop ignoring the views of other countries. Beijing can bring Pyongyang on board the AIIB but North Korea should also fulfill its responsibilities by returning to the six-party nuclear talks, said Ming Pao.

Related Article:

A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) - (Text version)

“….. China

I am Kryon. I've just given you the potentials. "Ah," you say. "But Kryon, right before you leave, you left out the big one. Nobody talks about China." All right. I'll give you still another prediction. China is very interesting, is it not? Suddenly this very old country finds itself in an odd place. They hold the debt for the United States! Some of you would say, "This is not good. This is not going to work." So let me tell you what this is about. Synchronicity has struck, because now China understands that if they're ever going to get paid, they're going to have to ally themselves closer with Western values and help create abundance. Here is the prediction: China will turn North Korea loose soon. The alliance will dissolve, or become stale. There will be political upheaval in China. Not a coup and not a revolution. Within the inner circles of that which you call Chinese politics, there will be a re-evaluation of goals and monetary policy. Eventually, you will see a break with North Korea, allowing still another dictator to fall and unification to occur with the south. How do you like it so far?. ….”