GYEONGJU – China may be inching closer to lifting its unofficial ban on South Korean entertainment, as President Xi Jinping appeared receptive to a proposal for a large-scale K-pop concert in Beijing
The move, shown on the sidelines of the Lee-Xi meeting as part of the APEC 2025 Summit in the southeastern city of Gyeongju on Saturday, is a clear gesture that has rekindled hopes of a long-awaited thaw in the “Korean wave” ban, analysts said.
Kim Young-bae, a ruling Democratic Party lawmaker who accompanied President Lee to the bilateral summit, wrote on social media that Xi “responded positively” to the idea of holding a major K-pop performance in Beijing.
Park Jin-young, head of the Korean Popular Culture Exchange Committee, also confirmed that he had spoken with Xi on the sidelines of the meeting.
TURNING POINT
For years, investors and industry insiders have viewed Xi’s visit to Seoul, or any clear sign of policy softening, as a potential turning point in reversing the 2017 “Hallyu (K-wave) ban, imposed after South Korea deployed the US THAAD missile system.
The latest exchange has fueled optimism that cultural exchanges could soon resume in full swing.
That optimism was visible in the market.
Last Friday, entertainment stocks rallied on speculation of a policy shift, with HYBE Co., the label behind global boy band sensation BTS, rising 5.1% to 341,000 won.
Studio Dragon Corp. and CJ ENM Co. also closed higher, while the broader K-content index gained 2.45%.
Analysts said a reopening of the Chinese market to K-culture could boost back-catalogue sales for producers such as Studio Dragon, which have long stockpiled unreleased titles for Chinese distribution.
SIGNS ALREADY EMERGING
Signs of improving Seoul-Beijing relations are already emerging in film.
Director Bong Joon-ho’s Mickey 17 has secured a Chinese release, and Director Yoon Ga-eun’s The Master of the World is also slated for distribution in China – developments that industry officials see as evidence that the cultural blockade is tearing down.
Still, officials and experts are tempering expectations.
The Korean Popular Culture Exchange Committee cautioned against “overinterpretation,” noting that previous signals of easing relations have failed to materialize into full normalization.
The abrupt cancellation last month of a scheduled concert in China by K-pop group Kep1er underscored the fragility of the current cultural détente.
CLOSER TIES, $49 BILLION WON-YUAN CURRENCY SWAP
At the Lee-Xi summit, the two leaders agreed to strengthen bilateral ties across several key industries, including trade, finance and culture.
Following their meeting, the leaders also signed a 70 trillion won ($49 billion) currency swap worth 348 billion yuan to help stabilize the Korean foreign-exchange market.
The existing Korean won-Chinese yuan swap agreement, signed between the Bank of Korea and China’s central bank, with the same amount and a five-year term, expired last month.
The two countries also signed a series of memoranda of understanding (MOUs) spanning areas from service trade to joint policing against transnational online scams.
SHARED GROWTH
During a state banquet following the 97-minute bilateral meeting, which marks Xi’s first visit to Korea in 11 years, President Lee called for a “new path of mutual benefit” between Asia’s fourth-largest economy and its biggest trading partner.
“Today, President Xi and I shared the view that Korea and China, which have achieved economic growth through cooperation, must now pool our strengths and open a new era of reciprocal partnership,” Lee said.
Xi said: “China, as the APEC chair in 2026, is ready to work closely with the Republic of Korea to promote development and prosperity in the Asia-Pacific region.”
Top Korean business leaders, including 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 ministers of commerce and finance.
GYEONGJU DECLARATION
The bilateral talks came as the APEC Summit concluded with the adoption of the Gyeongju Declaration, a 25-point communiqué addressing trade, digital innovation and inclusive growth.
The declaration warned that the global trade system faces “serious challenges” and called for greater regional cooperation to ensure resilient supply chains and sustainable growth.
It also underscored the role of emerging technologies such as artificial intelligence and demographic shifts in reshaping regional economies.
In a first for an APEC leaders’ document, the declaration highlighted the “positive economic impact of the cultural and creative industries” and reaffirmed the importance of intellectual property rights.
“The recognition of cultural industries marks a milestone,” said a presidential aide in Seoul. “It positions K-culture as a new growth engine for the Asia-Pacific region.”
