The Effect of the Melting Arctic Ocean on China (Economic Lens)

As many have heard recently, the ice that currently has made the North Pole and Arctic Ocean unnavigable is melting at a pace that a route will soon be available to make trade possible between China and Europe over such a route. The melting ice also means opportunities for oil and natural resources which are suspected to be in reserve under the ice sheet. As this offers significant economic opportunity, China sees vast opportunity available with a possibility of lowering costs and CO2 emissions because of a shorter route.

Below linked are two articles. One is a biased source from the one of the most popular Chinese newspapers, the China Daily, which according to Wikipedia publishes the official policy of the People's Republic of China (wikipedia article linked here - http://en.wikipedia.org/wiki/China_Daily). On a side note, I was inspired after writing my last post about censorship/propaganda/newspapers in China so I thought it would be interesting to see both perspectives of the issue here. The other article is from the UK newspaper, the Guardian, and discusses the issue from a less biased viewpoint - even discussing the "rocky relationship" (anyone get the reference?) between Norway and China as well as China's controversial interests in Greenland.

China Daily article: http://usa.chinadaily.com.cn/epaper/2013-03/14/content_16308665.htm
Guardian article: http://www.guardian.co.uk/world/2013/mar/18/china-arctic-mineral-investment

And just because the global warming is connected to all of this, here is a picture of some sad polar bears on a melting iceberg.

Anyways, the Arctic ice sheet melting opens a lot of economic opportunity, though, as the Guardian article suggested, could possibly cause some political conflict as countries compete to gain control of the sea passage and resources. However, if China gains control, it will in no doubt grow even more as a world economic power.