Will the New Year ease tensions on the Korean Peninsula, which has been sitting on a powder keg for more than a month, and bring peace and hope for its 70 million people? The answer, sadly, is a big question mark.

Since the exchange of fire between the Democratic People's Republic of Korea (DPRK) and the Republic of Korea (ROK) on Nov 23, warmongers have been trying to escalate tensions. But till now peace lovers have prevented the situation from going out of hand. The military drills conducted by the ROK, alone as well as with the United States, were like adding fuel to fire.

The ROK's live-fire artillery drill on Yeonpyeong Island two weeks ago not only brought the world to the edge, but also dealt a heavy blow to many major stock markets.

A war could have broken out had the DPRK not shown exemplary restraint. Instead of its usual stance of retaliation, Pyongyang responded calmly, saying the drill was not worth a reply.

But the risk is that Pyongyang may not show similar restraint if Seoul continues with its hard-line policy.

Messages from Seoul this week have been mixed. On Dec 29, ROK President Lee Myung-bak called for a dialogue within the framework of the Six-Party Talks. This is the first time since the Nov 23 incident that he has endorsed peaceful negotiations, and not confrontation.

But Lee also said the ROK "should make efforts to achieve peace through inter-Korean dialogue while enhancing its defense posture". On the same day, the ROK defense ministry said in a report to Lee that it will enhance measures to deter the DPRK's military provocation. Just a day later, in a white paper on defense, the ROK labeled the DPRK government and its military an enemy.

This is why it is important for countries that want peace and stability restored on the Peninsula to continue their efforts to defuse tensions. Peace and stability on the Peninsula can be achieved only through negotiations.

China, along with other peace-loving countries, has been urging the other parties to resume the Six-Party Talks. It remains committed to an impartial line and hopes that the DPRK and the ROK improve their ties.

The Six-Party Talks, initiated by Beijing in 2003, comprises the DPRK, the ROK, the United States, Japan, Russia and China. It is the only security mechanism in Northeast Asia, and its early resumption is the only effective way of resolving the Korean Peninsula denuclearization issue and safeguarding peace and stability in the region.

Hopefully, a new and stronger global initiative to resolve the Peninsula issue peacefully could be built through occasions such as President Hu Jintao's meeting with US President Barack Obama in Washington later this month.