冷戰結束後，中共東北亞政策的最大轉變應屬1992年8月中共與南韓建交。而迄今已屆九週年，正是檢視「中韓」建交以來中共朝鮮半島政策演變的恰當時刻。本文主旨即在剖析92年中共與南韓建交以來北京的朝鮮半島政策及其與兩韓的互動。首先，將概述冷戰後中共的朝鮮半島政策的基調及其與79年改革開放以來的中共朝鮮半島政策的異同點；其次再分別從經濟、政治與軍事三個角度深入討論建交後中共與南韓關係的發展，以及此期間中共與北韓的關係；終而則以當前中共與兩韓關係對東北亞的影響做結。 總之，中共的朝鮮半島政策已臻平衡階段，目前正處於對中共最有利的地位，不僅同時與兩韓維持政、軍、經的緊密關係，而且中共對兩韓的政、經、軍的影響力都在不斷增加之中。由此次南北韓在大陸密商達成協議舉行高峰會以及其後金正日秘訪北京不僅證實在冷戰後中共與美國在朝鮮半島爭奪影響力的角力戰中，北京除凌駕美國成為後冷戰時代對兩韓最有影響力的強權之外，而且還顯示北京成功地利用南韓牌使北韓不得不主動與中共改善關係，同時亦凸顯中共當局低調處理兩韓事務的作風遠比美國高姿態對兩韓外交來得有效。

　　　　　It has been nine years since China established diplomatic relations with South Korea in 1992. The purpose of this paper is to explore the evolution of China's Korea policy and its interactions with the two Koreas since 1992. The author will first lay out guidelines of China's policy toward the Korean peninsula in the post-cold war era and compare China's Korea policy between the period of 1979-1991 and the period of 1992-2000, then analyze Sino-South Korea relations and Sino-North Korea relations from economic, political and strategic angles respectively, and finally the impacts of China's Korea policy on Northeast Asia. In short, China's Korea policy has become well-balanced and has enjoyed the most favorable position than any time before. Beijing has not only simultaneously maintained intimate relations with both Koreas on the political, economic and military fronts, but also has gained a great deal of influence in the two Koreas on the three front. The reaching of agreement between the two Koreas over holding summit in Pyongyang in April and the subsequent trip to Beijing by North Korean Leader Kim Jong Il this year have not only made China the most influential actor in the Korean affairs but proved that China's low-profile diplomacy toward the two Koreas has prevailed over America's high-profile approaches to Seoul and Pyongyan.