BEIJING: Nearly a decade after China imposed an unofficial ban on K-pop performances in the mainland, Beijing appears to be lowering one of the non-trade barriers that kept South Korea’s cultural phenomenon out of the country.
A South Korean boy band Epex is now gearing for a concert in China next month, raising expectations that Beijing may ease restrictions on K-pop culture in mainland, Yonhap News reported Tuesday (April 29).
Those bets helped propel a rally in South Korean entertainment stocks Tuesday, with K-pop stocks helping charge the small-cap Kosdaq Index higher. JYP Entertainment Corp. jumped nearly four per cent and SM Entertainment Co. advanced about two per cent as of 11:10 a.m., local time.
The timing may be coincidental, but it adds to growing evidence that China is seeking to improve relations with regional partners as countries grapple with increasingly hostile and unpredictable trade policies under President Donald Trump. Last month, trade chiefs of South Korea, China and Japan met in Seoul, where they renewed calls for an open, fair flow of goods and pledged to deepen economic ties.
The concert, scheduled for May 31 in Fuzhou, marks the first performance in nine years in mainland China by a K-pop group comprised entirely of Korean nationals, Yonhap said. K-pop stars with foreign nationalities have occasionally appeared on Chinese television shows, it added.
The band’s management, C9 Entertainment, did not immediately respond to a request for comment. China’s Ministry of Culture and Tourism didn’t immediately respond to a faxed request for comment.
China imposed the so-called "K-wave ban” in 2016 in retaliation for Seoul allowing the US military to deploy of missile defence system called Thaad, or Terminal High-Altitude Area Defense. Before the restrictions, China was among the fast growing market for K-pop.
But the reported move raised doubts among curious Chinese fans, and some took to the social media asking "has the Korea ban been lifted?”
Epex’s plans come as some Korean movie and K-pop stars have cautiously resumed their activities in the mainland China. Some attended a Ralph Lauren fashion show in Shanghai, holding fan meet-ups in major cities that have been shunned since China’s ban. Korean producers have also begun talks over content exports, while there have been no official approvals on the Korean dramas yet by the Chinese government.
Bucking the global stock rout, entertainment stocks have been among the biggest gainers in the Korean equity market this year, driven by expectations they will be shielded from tariff wars. SM Entertainment shares have rallied more than 60 per cent so far this year while YG Entertainment Inc. jumped more than 40 per cent. - Bloomberg
