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Despite its underdeveloped economy, Chinese military spending was the world's fourth largest globally for most of the war after that of the US, the Soviet Union, and the UK; however, by 1953, with the winding down of the Korean War and the escalation of the First Indochina War, French spending also surpassed Chinese spending by about a third. [301]
In the final armistice agreement, signed on 27 July 1953, a Neutral Nations Repatriation Commission, chaired by Indian General K. S. Thimayya, was set up to handle the matter. [25] In 1952, the United States elected a new president, Dwight D. Eisenhower, and on 2 December 1952, [26] he went to Korea to investigate what might end the war. [27]
Tensions erupted into the Korean War, which lasted from 1950 to 1953. When the war ended, both countries were devastated, but the division remained. North and South Korea continued a military standoff, with periodic clashes. The conflict survived the end of the Cold War and is still ongoing.
July 27 – The Korean War ends, with the Korean Armistice Agreement: The United Nations Command (Korea) (United States), People's Republic of China and North Korea sign an armistice agreement at Panmunjom, and the north remains communist, while the south remains capitalist.
The Korean War Armistice was signed on July 27, 1953 by representatives from the U.S., North Korea and China. South Korea, intent on reunifying the two Koreas , refused to be a signatory of the truce.
The Korean War did not result in a decisive victory for either side, instead an Armistice Agreement was signed in 1953, bringing the active conflict to a close. The United Nations Command, established under the mandate of UN Security Council Resolution 83 and Resolution 84 , represented the world's first attempt at collective security.
By the end of the summer, President Truman and General Douglas MacArthur (1880-1964), the commander in charge of the Asian theater, had decided on a new set of war aims. Now, for the Allies, the Korean War was an offensive one: It was a war to "liberate" the North from the communists. [1] Initially, this new strategy was a success.
The "limited war" or "proxy war" strategy was a feature of conflicts such as the Vietnam War and the Soviet War in Afghanistan, as well as wars in Angola, Greece, and the Middle East. In the aftermath of the war, the United States funneled significant aid to South Korea under the auspices of the United Nations Korean Reconstruction Agency .