ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

North Korea resumes limited commercial flights to China in major step to reopening borders

North Korea requires significant financial support following three years of strict border closures over COVID-19 fears, which the country claimed to have eradicated last year.

North Korea completed its first commercial airline flight since the start of the pandemic, marking a major step towards ending the strict border controls maintained throughout the pandemic. 

"During the summer-autumn flight season transition in 2023, China approved Air Koryo’s scheduled flight plans from Pyongyang to Beijing to Pyongyang and other passenger routes requested by the airline according to procedures," Wang Wenbin, the foreign ministry spokesperson, said.

The Air Koryo flight from Pyongyang landed in Beijing at around 9:17 a.m. local time, Reuters reported. Western travel agency Koryo Tours, which organizes trips into and throughout North Korea, stressed that the flight is currently a special case aimed to retrieve nationals stranded in China. 

"This flight isn’t a full resumption of the route yet, it is a special flight for Koreans only to take people home again after years being stuck overseas, the same as the flights that seem likely to happen soon from Vladivostok," Simon Cockerell, general manager at Koryo Tours, said.

THE CHINESE ECONOMY IS ‘NOT GOING WELL’: WEIFENG ZHONG

The Chinese foreign ministry announced Monday that it would allow flights between neighboring countries as it continued to roll back heavy pandemic-era restrictions.

However, the Beijing Capital International Airport website now lists three flights from Pyongyang to Beijing every week — one on each of Tuesday, Thursday and Saturday mornings — according to the South China Morning Post.

Train lines between border cities in North Korea and China will also resume this month, with the first rail freight shipments between the Chinese city Dandong and North Korean city Sinuiju reportedly happening in early August, Radio Free Asia reported. 

MARKETS WILL SEE ‘SHOCKWAVES’ FROM DECLINING CHINESE ECONOMY: JASON KATZ

The shipments would help greatly alleviate the severe economic and supply crisis that has gripped North Korea years into its pandemic response. The situation became so bleak that people starved due to the great famine, and many chose death over the slow suffering. 

Trade had initially resumed earlier this year along the train routes, but China shut it down again after just a few months following outbreaks in both countries. 

An official from a trade organization in the North Pyongan province told RFA that all trading companies received orders from the Central Committee to "prepare import and export materials to load." 

CHINA REPORTEDLY TARGETING CIA SPIES IN ESPIONAGE CRACKDOWN

"They have been ordering goods from their Chinese counterparts to import construction materials and basic food. They are trying to secure foreign currency to pay for the imports," he said.

Despite declaring victory over COVID-19 last year, North Korea has not reopened at the same rate as other countries, only welcoming its first foreign delegation last month. The hermit kingdom hosted Russian defense officials and members of the Chinese Political Bureau Central Committee during its 70th anniversary celebrations. 

"China and the DPRK are friendly neighbors linked by mountains and rivers. Our two parties and the two countries have had a good tradition of friendly exchanges," said Chinese Foreign Ministry spokesperson Mao Ning. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

"This year marks the 70th anniversary of the armistice of the Korean War," he added. "Having a high-level Chinese delegation visit the DPRK and mark the occasion shows the high importance both sides attach to our bilateral ties."

Fox News Digital’s Timothy Nerozzi contributed to this report. 

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.