Chinese official: China will pay the price for sanctions on North Korea

Chinese official: China will pay the price for sanctions on North Korea
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Chinese Foreign Minister Wang Yi says that China will enforce the new United Nations sanctions against North Korea, despite paying the largest economic price in the deal, according to Reuters

The foreign minister's comments come after the U.N. Security Council unanimously passed new sanctions against North Korea on Saturday that ban the export of key resources from the country. 

The sanctions, which could cost North Korea as much as $1 billion, were imposed in response to the nation's intercontinental ballistic missile tests. 

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Since most of North Korea's $3 billion in exports go to China, Wang said his country would pay the price.

"Owing to China's traditional economic ties with North Korea, it will mainly be China paying the price for implementing the resolution," Wang said at a regional security forum in Manila on Monday.

He offered support for the resolution, however, casting it as a signal of the determination of China and the international community to oppose North Korea's weapons tests, according to a statement from the foreign ministry.

"But in order to protect the international non-proliferation system and regional peace and stability, China will as before fully and strictly properly implement the entire contents of the relevant resolution," he said. 

Wang also said that in addition to the new sanctions, the U.N. resolution advocates resuming the six-party talks process with North Korea, a negotiation mechanism aimed at decreasing the North's nuclear proliferation that includes the U.S. and Russia. 

North Korea threatened "physical action" after the Security Council passed the resolution, calling the move an infringement on its sovereignty. "Packs of wolves are coming in attack to strangle a nation," said a statement in the state-run North Korean Central News. 

"North Korea should realise if it doesn't stop its nuclear, missile provocations it will face even stronger pressure and sanctions," said South Korean Defense Ministry spokesman Moon Sang-gyun in a regular news briefing. "We warn North Korea not to test or misunderstand the will of the South Korea-U.S. alliance."