Economic Watch: New image of "Made-in-China" captures hearts around the world

BEIJING, June 13 (Xinhua) -- Labubu -- a toothy, fluffy figure toy from Chinese brand Pop Mart -- has sparked a global frenzy, demonstrating how the country's enterprises are reshaping their international image through innovation, cultural storytelling and the globalization of homegrown intellectual property (IP).

China has long been the world's largest producer and exporter of toys. Historically, much of this output consisted of low-cost goods manufactured for foreign brands. Today, however, a new generation of collectible designer toys such as Labubu is redefining the industry by exporting not only products but also stories and sentiment.

Pop Mart, the Beijing-based toymaker behind Labubu and other original-IP characters, is among those leading the shift. Propelled by international hype, the company registered year-on-year revenue growth of 165 to 170 percent in the first quarter of 2025, with overseas revenues soaring 475 to 480 percent.

Pop Mart is not alone in stepping up brand-building efforts in the global toy market. Chinese toymaker TOP TOY now operates over 280 stores worldwide, and 52TOYS reported a 300 percent increase in its business in Thailand in 2024.

The viral popularity of Labubu and similar toys has spotlighted China's burgeoning cultural industry, which is emerging as a calling card for Chinese exports.

China's cultural industry sustained steady growth in 2024, with 78,000 surveyed enterprises generating 14.15 trillion yuan (about 1.97 trillion U.S. dollars) in revenues, up 6 percent year on year. These firms reported combined profits of 1.29 trillion yuan -- a 10.8 percent increase from 2023.

The gaming industry is another striking example of how Chinese culture is reaching global consumers. "Black Myth: Wukong," a 3A video game with cutting-edge graphics, has attracted a sizable international following, with one-third of its players based outside China. Meanwhile, established gaming hits like "Genshin Impact" and "Honkai: Star Rail" continue to rank among the top downloaded items in over 100 countries and regions.

Data from the China Audio-Video and Digital Publishing Association shows that China's self-developed game products reported overseas revenues of 18.56 billion U.S. dollars in 2024, up 13.39 percent from the previous year.

China's vast network of factories, spanning every industrial category classified by the United Nations, remains the backbone of this cultural ascent. For Pop Mart, manufacturing excellence is a key part of bringing creative visions to reality. Years of experience have enabled Chinese factories to meet even the most meticulous design requirements, such as crafting a specific component solely to make a doll's eyes glossier and more expressive.

"If you can make toys for Pop Mart, you can make any designer toy in the world," the owner of a factory that works with Pop Mart once said.

The transition from exporting products to exporting brands and IP is a natural result of China's economic evolution, said Lan Qingxin, a professor at the University of International Business and Economics.

"It demonstrates the upgrading of China's industrial structure and the growing maturity of Chinese enterprises in their international operations," Lan added. Enditem