The song was also the third best-selling single of the year, according to the IFPI, and has helped boost the financial fortunes of YG.

CNN: Psy's record label sets sights on China

"We wrapped the music video shoot on Tuesday, and its in the editing phase right now, " YG Entertainment public relations representative Hwang Min-hee told CNN.

CNN: Psy hopes for another viral smash hit with Gangnam sequel

YG's ambitions are not limited to China.

CNN: Psy's record label sets sights on China