China bans new business with North Korea

China has banned new business ventures with North Korea, the Chinese Commerce Ministry said in a statement late Friday.

The action is in line with the United Nations Security Council sanctions passed earlier this month.

The statement released on ministry’s website said that effective immediately, new joint venture enterprises, new wholly owned businesses and the expansion of existing entities involving North Korean individuals or companies are prohibited in China.

The ministry also said it would not approve applications for new or expanded investment in North Korea by Chinese companies.

The U.N. Security Council approved new sanctions against North Korea earlier this month because of intercontinental ballistic missile tests conducted in July .

The sanctions are intended to pressure Pyongyang to end its nuclear weapons and ballistic missile programs.

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