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I think that China would welcome a unified Korea, because it would bring more economic benefits. According to the stuff provided by Wikileaks the Chinese have no issue with North Korea collapsing and would even take in some refugees.
But if China didn't agree to reunification and tried to occupy a collapsed DPRK for itself, no one could do anything to get that land back. However China would still lose because this imperialistic action of taking over NK would lead to strained relations with everyone else in Asia and very bad relations with the ROK.
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