Hallyu needs political skill, economic resilience

South China Morning Post Group CEO Robin Hu delivers a keynote speech on the present and future of hallyu, or the Korean wave, at the China Forum 2016 held at the Shilla Hotel in Seoul, Wednesday. / Korea Times photo by Hong In-ki

By Park Jae-hyuk

South China Morning Post Group CEO Robin Hu said better policies and economic flexibility are necessary for the sustainability of hallyu, the Korean wave, during a keynote speech at the China Forum 2016, co-hosted by The Korea Times and its sister paper Hankook Ilbo, at the Shilla Hotel in eastern Seoul, Wednesday.

“While Korean industry leaders will have to press on to encourage the creativity that has unleashed the success of the past decade, on the economic and political fronts, the country will have to accept the need to navigate a more complex environment and relations with bigger neighbors,” Hu said. “And here, bright young talents should be encouraged not just to embrace the cultural industries and the hard sciences but also aim for the commanding posts of the economy and politics.”

As an outsider surrounded by a foreign setting, the chief of the Hong Kong-based international daily newspaper showed his perspective on the possibilities and limits of hallyu, after mulling over whether its presence can last in the lives of millennials and other fans of Korean culture.

During his speech, Hu first recognized hallyu’s contribution to the cultural renaissance of Asian powerhouses such as China and India, both of whose cultural works have grown alongside hallyu. Thanks to economic reform following the Asian financial crisis in 1998, the growth of younger consumers in Asian cities created fertile ground for hallyu’s popularity, he said.

However, the speaker raised several questions over whether and how Korea can expand the presence of its cultural assets on the global stage. “Can hallyu scale greater heights and co-exist in equal prominence with American culture? Will the Korean wave be overtaken by China in its own bid to garner the social capital that springs from its economic dominance on the global stage?” he asked, showing a state-sponsored survey saying more than two-thirds of 3,600 from nine countries believed hallyu would decline in the next four years.

Hu then introduced examples of Japan, India and China, which have also broadened their cultural fronts worldwide with “soft power” ― the ability to get desired outcomes through attraction instead of force. He especially emphasized the forthcoming China wave, supported by the figure showing that China’s gross box office will exceed that of North America by 2018. “What this will mean, ultimately, is that Hollywood will eventually cede control of the movie business to China,” said Hu, citing a quote from Rob Cain, a Hollywood analyst and an award-winning screenwriter.

Such countries give lessons to Korea that economic success is the key to sustaining worldwide cultural prominence, he said. Hu also suggested hallyu should ride on the China wave in search of ways to extend its longevity with the ripe opportunities there. Although a political row between the two still exists over the deployment of the Terminal High Altitude Area Defense (THAAD), Hu assured the ties and consumption patterns of the Chinese are fairly stable. He added Korean leaders need skills and tact to navigate these rough spots.

Joining the newspaper as its CEO in June 2012, Hu has transformed one of Asia’s best-known English dailies into an international media brand. He is a member of the Board of Governors to the Singapore International School in Hong Kong and has served as chairman of the Singapore Chinese Orchestra.