North Korea's 'Byeongjin' Policy For Nuclear And Economic Development Could Backfire In The Long Run, Experts Say

North Korea would have to get rid of its nuclear power if it wants to improve the status of its economy in the long run, experts suggested. Even though there has been a slight improvement in its market stability at  present, Kim Jong Un's provocations this early in 2016 would frighten foreign investors.

The country's external relationships has been getting worse due to numerous violations of the international laws set by the United Nations. On Jan. 6, Kim Jong Un announced the success of its hydrogen bomb test, which caused massive public uproar.

The most recent provocation was the increasing suspicious activities at one of its launch site in Tongchangri, which has been perceived as part of the regime's preparation for a long-range missile test amidst warning issued by the United States and South Korea.

The "Byeongjin" policy by North Korean leader Kim asserts that other countries should recognize the North as part of the nuclear club while simultaneously asking the United Nations to give it enough autonomy to foster its economy.

"If North Korea sticks to the dual-track policy, it will hurt the North's external relations and lead foreign investors to shun the North due to high military tension," said Kim Yong Hyun, a professor of North Korean studies at Dongguk University, as reported in Yonhap News.

An official statement released through North Korea's state-run media said that the country is focused on raising the standards of living domestically, US News wrote.

"The DPRK is not interested in aggravating the situation as it is channeling all its efforts into the building of an economic power," the spokesman said. It was also said that the country's "primary task for this year is to develop economy and improve the people's standard of living and to that end it requires stable situation and peaceful climate more than any time."

While not completely abandoning socialism set by the Kim leaders in the North, there has been a growing number of capitalistic marketplaces amounting to 380 over the last 10 years, as told by South Korean spies. This development might help raise North Korea's economy in the coming years.

Meanwhile, China has cancelled the concert of Moranbong, a musical band from North Korea, after the nuke test. China has long been North Korea's closest ally, with which North Korea conducts 90% of its foreign trade.

Noticeable decline in trade volumes after every nuke test had been observed ever since North Korea exercised missiles test in 2006. After a test in 2009 trade exchange waned by 8.9%. China, which now has a market that's grown more open to trade, has been tapped by the United Nations to urge North Korea to abide by the international law against nuclear weaponry.