Tropical Geography ›› 2019, Vol. 39 ›› Issue (6): 911-918.doi: 10.13284/j.cnki.rddl.003192

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Combining the New North Policy of Korea with “the Belt and Road”: Opportunities and Challenges

Pang Jiaxin, Wang Linggui   

  1. Graduated School of Chinese Academy of Social Sciences, Beijing 102488, China
  • Received:2019-09-04 Revised:2019-10-30 Online:2019-11-10 Published:2019-12-26

Abstract:

Moon Jae-in, the President of the Republic of Korea, proposed the New North Policy (NNP) following his election. During his visit to China, he expressed a willingness to combine the NNP with the Belt and Road Initiative (BRI). Song Young-gil, the first Chairman of the Presidential Committee on Northern Economic Cooperation, paid a visit to Beijing afterwards to negotiate details with China. Currently, the circumstance on the Korean Peninsula is undergoing a dramatic change, providing an important opportunity for the combination of the NNP and BRI. Therefore, it is an appropriate time to discuss the content of the NNP and the progress of the combination of the NNP and BRI. The opportunities for bilateral combination consist of four major pillars: policy coordination, facility connectivity, unimpeded trade, and financial integration. However, challenges also exist, including institutional, geopolitical, and investment risks. It is necessary to take precautions against institutional risks and improve institutional cooperation mechanisms. In addition, potential risks should be avoided that may be caused by geographical factors, particularly fully considering the factors originating from the US. In terms of investment cooperation, strengthening cooperation mechanisms in construction and improving investment cooperation are necessary. However, third-party market cooperation could be integrated into “the Belt and Road” docking cooperation between China and South Korea, expanding the scope of the cooperation between the two countries in industry, finance, and logistics. Regarding third-party market cooperation, the cooperation mechanism between China and South Korea also needs to be clarified; that is, how the countries would clarify and divide their responsibilities and jointly perform effective construction and cooperation in third-party countries. In the future, China and South Korea will have greater development prospects in policy docking and third-party market cooperation.

Key words: North Korea, the New North Policy, the Belt and Road Initiative, combining cooperation

CLC Number: 

  • F125