GYEONGJU – China could also be inching nearer to lifting its unofficial ban on South Korean leisure, as President Xi Jinping appeared receptive to a proposal for a large-scale Ok-pop live performance in Beijing
The transfer, proven on the sidelines of the Lee-Xi assembly as a part of the APEC 2025 Summit within the southeastern metropolis of Gyeongju on Saturday, is a transparent gesture that has rekindled hopes of a long-awaited thaw in the “Korean wave” ban, analysts stated.
Kim Younger-bae, a ruling Democratic Social gathering lawmaker who accompanied President Lee to the bilateral summit, wrote on social media that Xi “responded positively” to the thought of holding a significant Ok-pop efficiency in Beijing.
Park Jin-young, head of the Korean Standard Tradition Trade Committee, additionally confirmed that he had spoken with Xi on the sidelines of the assembly.
TURNING POINT
For years, traders and business insiders have seen Xi’s go to to Seoul, or any clear signal of coverage softening, as a possible turning level in reversing the 2017 “Hallyu (Ok-wave) ban, imposed after South Korea deployed the US THAAD missile system.
The most recent alternate has fueled optimism that cultural exchanges may quickly resume in full swing.
That optimism was seen out there.
Final Friday, leisure shares rallied on hypothesis of a coverage shift, with HYBE Co., the label behind international boy band sensation BTS, rising 5.1% to 341,000 gained.
Studio Dragon Corp. and CJ ENM Co. additionally closed larger, whereas the broader Ok-content index gained 2.45%.
Analysts stated a reopening of the Chinese language market to Ok-culture may increase back-catalogue gross sales for producers similar to Studio Dragon, which have lengthy stockpiled unreleased titles for Chinese language distribution.
SIGNS ALREADY EMERGING
Indicators of enhancing Seoul-Beijing relations are already rising in movie.
Director Bong Joon-ho’s Mickey 17 has secured a Chinese language launch, and Director Yoon Ga-eun’s The Grasp of the World can also be slated for distribution in China – developments that business officers see as proof that the cultural blockade is tearing down.
Nonetheless, officers and consultants are tempering expectations.
The Korean Standard Tradition Trade Committee cautioned in opposition to “overinterpretation,” noting that earlier indicators of easing relations have did not materialize into full normalization.
The abrupt cancellation final month of a scheduled live performance in China by Ok-pop group Kep1er underscored the fragility of the present cultural détente.
CLOSER TIES, $49 BILLION WON-YUAN CURRENCY SWAP
On the Lee-Xi summit, the 2 leaders agreed to strengthen bilateral ties throughout a number of key industries, together with commerce, finance and tradition.
Following their assembly, the leaders additionally signed a 70 trillion gained ($49 billion) forex swap price 348 billion yuan to assist stabilize the Korean foreign-exchange market.
The prevailing Korean won-Chinese language yuan swap settlement, signed between the Financial institution of Korea and China’s central financial institution, with the identical quantity and a five-year time period, expired final month.
The 2 nations additionally signed a collection of memoranda of understanding (MOUs) spanning areas from service commerce to joint policing in opposition to transnational on-line scams.
SHARED GROWTH
Throughout a state banquet following the 97-minute bilateral assembly, which marks Xi’s first go to to Korea in 11 years, President Lee known as for a “new path of mutual profit” between Asia’s fourth-largest financial system and its greatest buying and selling associate.
“Right now, President Xi and I shared the view that Korea and China, which have achieved financial development via cooperation, should now pool our strengths and open a brand new period of reciprocal partnership,” Lee stated.
Xi stated: “China, because the APEC chair in 2026, is able to work intently with the Republic of Korea to advertise growth and prosperity within the Asia-Pacific area.”
High Korean enterprise leaders, together with Samsung Electronics Co.’s Jay Y. Lee, SK Group’s Chey Tae-won, Hyundai Motor Co.’s Chung Euisun and LG Group’s Koo Kwang-mo attended the dinner alongside Chinese language ministers of commerce and finance.
GYEONGJU DECLARATION
The bilateral talks got here as the APEC Summit concluded with the adoption of the Gyeongju Declaration, a 25-point communiqué addressing commerce, digital innovation and inclusive development.
The declaration warned that the worldwide commerce system faces “severe challenges” and known as for better regional cooperation to make sure resilient provide chains and sustainable development.
It additionally underscored the position of rising applied sciences similar to synthetic intelligence and demographic shifts in reshaping regional economies.
In a primary for an APEC leaders’ doc, the declaration highlighted the “optimistic financial affect of the cultural and inventive industries” and reaffirmed the significance of mental property rights.
“The popularity of cultural industries marks a milestone,” stated a presidential aide in Seoul. “It positions Ok-culture as a brand new development engine for the Asia-Pacific area.”
