As you may know already, Kim Jong Il, the head of North Korea, is in China currently. He is known to be in Beijing currently, meeting with Preisdent Hu Jintao. This has really been a hot issue in Korea for the past few days because this visit showed the diplomatic/economic desperation that North Korea is in.
Below is a news article about the economic/political compromise North Korea made with China during this visit.
NK's Kim Jong Il and Chinese President Hu Jintao have reportedly agreed on economic/political support for NK, NK's power inheritance to Kim Jong Un, and the 'Grand Bargain'.
The 'Grand Bargain' would allow China to access the East Sea (some know as the Japan Sea), and NK would get massive developing support from China for a NK island Hwang-gum-pyung for economic development and trading. It is speculated that Kim Jong Il is trying to revive the NK economy so that he would not have to rely on South Korea for economic aids. NK-specialized news agencies reported that Kim Jong Il and Hu Jintao discussed these efforts during their meeting.
A foreign policy news agency in Beijing reported, "it is likely that China and North Korea discussed their stance on the six party talk during the meeting." Recently, China has been showing an active support for South-North Korea talks, North Korea-US talks, then 6-party talk progression." It is possible that North Korea offered a surprising and new solution to the Chinese government.
[rest omitted] Source : Joongang Ilbo
(Editors note : China is known to not disclose the fact that North Korean leaders are visiting China until they return home. This is why virtually everything is a speculation at this point, but the general consensus is that this is a very critical point for North Korea's economy and political system.
This of course, is a great economic opportunity for China. But what I think is more important is that the severe economic depression in North Korea is gradually forcing its government to open its doors to outside. We shall see where this goes.)