Report: China to make massive investment in NKorea

SEOUL, South Korea — China plans to invest billions ofdollars in North Korea in an apparent effort to prod the impoverishedcountry to rejoin international nuclear disarmament talks, a newsreport said Monday.

The news came one week after North Koreanleader Kim Jong Il told a visiting high-level envoy from Beijing thathe was committed to a nuclear-free Korea. Kim subsequently dispatchedhis top nuclear envoy to Beijing for talks on the resumption ofsix-nation negotiations on ending its nuclear program in return for aid.

Severalstate-run Chinese banks and other multinational companies neared anagreement to invest about $10 billion to build railroads, harbors andhouses in North Korea following their negotiations with Pyongyang'sofficial Korea Taepung International Investment Group, according toSeoul's Yonhap news agency.

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