The termination of the U.S.-South Korea’s Revised Missile Guidelines signals a new phase in two countries’ relations, further complicating China’s role on the Korean Peninsula.

Although bilateral relations face many difficulties this year, it’s possible — so long as the DPRK and the ROK understand and respect each other — to seize strategic opportunities for a new phase of reconciliation and cooperation. In that case, the re-emergence of the Peninsula Spring may be expected.

The country unveiled its economic approach at the Eighth National Congress of the Workers’ Party of Korea. It faces serious obstacles, starting with its emphasis on self-reliance and an inefficient planned economy.

The nuclear issue on the Korean Peninsula will not be resolved easily, but there’s reason to hope that a resolution can be nursed into reality. China, Russia, and the Republic of Korea should actively promote the resumption of dialogue and not allow the matter to drift.

Any resolution of the nuclear issue must start with the recognition of the DPRK’s deep concerns. While the six-party talks have not yet resumed and risks remain, China will remain critical to the future outcome.

One cost of the deteriorating Sino-American relationship is that it encourages North Korean intransigence regarding the inter-Korean peace process. If the U.S. and China want to avoid a repeat of the Korean War, it is up to both great powers to pursue policies which incentivize North Korean compliance.

North Korea’s responses often seem tied to a “nothing more to lose” calculation. But good negotiators might be able to make a gesture over the bargaining table that could make all the difference. The window may not be open long.

Absent some substantive progress, the Korean Peninsula situation may well deteriorate significantly this year. To prevent a new escalation, the international community should make the DPRK aware of exactly what the red lines are.

As the president of the Republic of Korea reaches the halfway mark of his tenure, he has acquired some valuable experience for helping bring peace to the peninsula. It’s time to shift into high gear.

The tasks and timelines are complex, but it’s still possible to end the nuclear standoff on the Korean Peninsula once and for all. Time is short.