There is a prevailing sentiment in the industry for gradual easing of restrictions rather than a full lift.
The government has indicated a cautious approach, stating that time is necessary.
As the Korea-China summit between President Lee Jae-myung and President Xi Jinping approaches, expectations for the 'lifting of the Hallyu ban' are rising within the domestic entertainment and content industries. This summit aims to enhance the practical relationship and economic cooperation between Korea and China, with discussions on cultural content likely on the agenda.
The K-Pop, drama, film, and gaming industries have faced numerous restrictions in entering the Chinese market. President Lee's comments on the need to alter the stagnant Korea-China trade dynamics have sparked hope that cultural content could emerge as a new growth sector. The inclusion of a large economic delegation from the entertainment sector further supports the prospect of enhanced private exchanges.
As a result, market reactions have begun to manifest quickly. Recently, entertainment and gaming stocks categorized as 'Hallyu-related' have shown an uptrend in the domestic stock market, indicating that industry expectations are being reflected. However, the government maintains a cautious stance, with the Presidential Secretary noting that a short-term resolution regarding the lifting of the ban should not be anticipated.
As the Korea-China summit approaches, the cultural content industry is at the forefront of discussions. K-Pop and dramas have formed a global fandom, and their popularity and influence have endured even with restrictions on accessing the Chinese market. Should the lifting of the Hallyu ban be discussed in this summit, it could potentially revitalize these sectors.
However, industry experts suggest that merely relaxing the ban may not be the ultimate solution. There is a prevailing view that easing restrictions in specific areas like performances and co-productions would be more realistic. This indicates that Hallyu has the potential to transition from a short-term trend to a sustainable cultural exchange.
Ultimately, the outcomes of this summit hinge on building trust in the medium to long term, rather than expecting immediate visible results. If K-Pop performances or Korean dramas can be aired, it would further strengthen the global standing of Korean content.
This article is KOSTAR’s reinterpretation of a story originally reported by TVDaily.
Photo: Newsis
