金正恩時期的北韓在致力於經濟和政權的復興下，由於不放棄得之不易的核武能力，一直以來難以吸引外國投資。當大部分外國投資者認為北韓基礎建設落後且政局不穩定而缺乏誘因時，中國投資者卻決定去投資北韓，並扮演維持北韓經濟的重要角色。中國投資北韓背後的原因為何？本論文旨在區分國家與私人行為者投資金正恩統治下北韓的動機差異。一般認為國家行為者是受戰略或經濟理由所驅動而投資，而私人行為者則是受到逐漸市場化經濟帶來的高獲利所吸引。在核武僵局、經濟制裁、和朝鮮半島內關係緊繃的背景下，中朝整體的經濟關係、特別是中國對北韓的投資，或可在未來扮演影響北韓政局和經濟的關鍵角色。

North Korea under Kim Jong Un, striving for economic revival and regime survival without abandoning hard-won nuclear capabilities, has difficulties in attracting foreign investment. While most foreign investors found North Korea unattractive due to poor infrastructure, political uncertainty and its autocratic rule, Chinese investors decided to invest in North Korea, which played a significant role in sustaining the North Korean economy. What are the rationales behind Chinese investment in North Korea? This paper aims to distinguish different rationales of state and private actors in investing in North Korea under Kim Jong Un. It argues that state actors are primarily motivated to invest for strategic and economic reasons while private actors are attracted by high profits in an increasingly marketized economy. In the context of nuclear standoff, economic sanctions, and strained inter-Korean relationship, Sino-DPRK economic relationship in general and Chinese investment in North Korea in particular would play a key role in shaping the future of the North Korean regime and economy.