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The Massachusetts Institute of Technology released a report that states that China is South Korea's biggest export at $121 billion a year. Tourism between the two countries has increased as a result of the Korean Wave, with South Korea receiving a 27% increase of tourists from China (3.8 million people) in 2016.

However, in 2016, China had banned South Korean content in response to the deployment of the U.S Terminal High Altitude Area of Defence (THAAD) missile defence system in South Korea. As the result of China's blockade of Korean cultural exports, Korean films were unable to be shown at Macau's film festival including prize-winner and box office sensation Train to Busan. Korean media such as television shows and K-pop music videos were blocked from streaming in China. This ban resulted in significant financial losses for the Korean entertainment industry with SM Entertainment down 18% since July 2016, a total of $150 million loss in market value. YG Entertainment was down 32%, representing a $230 million loss. As a result of this blockade, K-Pop groups such as EXO cancelled two concerts in China that were to be held in Shanghai. Many Chinese-Korean television shows were put on hold due to THAAD.

In 2017, China started to lift their ban on the Korean Wave with bands such as Mamamoo making appearances on Chinese TV shows after the South Korean and Chinese governments announced an agreement regarding the THAAD dispute.