- CNTV English - CCTV News

Review: DPRK builds economy by reforms

12-21-2011 13:54 BJT Special Report:DPRK top leader Kim Jong Il dies |

Watch Video

Play Video

In the 1960s, the DPRK proposed the development principle of Juche, meaning "self-governance in politics, self-reliance in economy, and self-defense in national defense", which it has followed ever since.

Starting from 2008, the DPRK made constructing a powerful nation its target. In 2011, it set up the National Economic Development Bureau, and issued a Ten-Year Strategic Plan for National Economic Development. Economic development is now the top priority.

In 2002, the DPRK issued the July 1st Measures to Improve Economic Management. These included decentralization of the planned economy, exchange rate reforms, price, and salary reform. It was the start of improving the economic environment.

In the following year, a partial market economy system was introduced, by establishing government-controlled comprehensive markets. The country also set up three special economic zones, in Sinuiju, Geungangsan, and Kaesong.

In early 2010, Rason City, near the border with China and Russia, was designated by the government as a special city. Eight big cities, including Pyongyang, were groomed into new special economic zones. The policy of opening-up to foreign capital and favorable tax policies were also adopted. And the DPRK National Development Bank and Daepung International Investment Group were established.

In early 2011, came the National Economic Development Bureau, and a Ten-Year Strategic Plan for National Economic Development. Strategic goals were charted in terms of infrastructure, agriculture, electricity, and coal mining. The government also formulated the 2012 Framework of Opening the Door of a Powerful Nation.

Pyongyang has prioritized economic exploration its national strategy.

China has been a major trading partner for many years. At the end of the1990s, two-way trade volume only reached 430 million US dollars. By 2005, it was nearly 1.6 billion.

In recent years, bilateral economic cooperation has extended to many aspects. China has built factories for free for the DPRK and provided economic and engineering training. There have also been joint-invested companies.

Currently, the two countries focus more on mutual benefit, and have started to apply market economy principles in trade and investment.


Editor:Zhang Dan |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program