Black Stone
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This is not my position. This is the position of our Premier.
http://www.defence.pk/forums/china-defence/60159-premier-wen-will-south-korea-suffers-most.html
He also said that it is impossible for China to not be dragged into any Korean conflict.
The United States government also realizes this. Despite numerous North Korean provokations including an incident in the 60's where a US soldier was killed with an axe, the US does not lift a finger against NK.
I know that China would get involved if there is a conflict. But you need to understand this is not by their will, China would be dragged into it.
If the North openly admit responsibility for the sinking of the Cheonan, then there would be no reason for China to support the North unless China is willing to risk her economy and International image.
Now, if it comes to that stage, I don't know if that is worth it as I am not Chinese. So whether it is worth it or not, only the Chinese would know.
In regards, to the solider being killed by the axe, I am not sure, maybe due to debatable investigation results.
But normally, you don't start a major event. Just like Nationality A kills Nationality B in a car crash. Nation B don't start something big with Nation A.