China's Economic Transformation: From Production to Innovation
Chinese enterprises redefine their global image and bolster economic growth through innovation and cultural storytelling.
BEIJING, June 13 -- Labubu, a whimsical character from the Beijing-based brand Pop Mart, has ignited global interest, embodying a shift in how Chinese enterprises present themselves internationally.
This transformation reflects a broader trend in China's toy industry, where the focus is moving from low-cost manufacturing for foreign brands to creating original products with distinct narratives and emotional engagement.
Historically, China has been the largest producer and exporter of toys, with a considerable portion of its output aimed at foreign markets.
However, recent years have seen the emergence of collectible designer toys that not only represent products but also convey cultural stories.
In the first quarter of 2025, Pop Mart reported a 165 to 170 percent increase in revenue compared to the same period the previous year, with its international sales soaring by 475 to 480 percent.
Other companies in the sector are also enhancing their global presence.
TOP TOY has expanded its footprint to over 280 stores internationally, while 52TOYS noted a dramatic 300 percent business growth in Thailand in 2024. This surge highlights the global appeal of Chinese cultural products, elevating the country's cultural industry to a new prominence in international trade.
In 2024, China's cultural industry demonstrated robust growth, with 78,000 companies generating 14.15 trillion yuan (approximately 1.97 trillion U.S. dollars) in revenue, marking a 6 percent year-on-year increase.
Profits across these firms also rose to 1.29 trillion yuan, a 10.8 percent enhancement from the previous year.
The gaming sector exemplifies China's cultural export capabilities, with titles like 'Black Myth: Wukong' capturing substantial global interest.
A third of its players are located outside China, while established franchises such as 'Genshin Impact' rank among the top downloads in over 100 countries.
China's self-developed games reported overseas revenues of 18.56 billion U.S. dollars in 2024, reflecting a 13.39 percent growth year on year.
Central to this cultural evolution are China's extensive manufacturing facilities, adept at producing intricate designs that meet high international standards.
A factory owner associated with Pop Mart remarked on the advanced capabilities of Chinese factories, citing their ability to produce designer toys with intricate details.
The transition from exporting merely products to promoting unique brands and intellectual property aligns with China's broader economic evolution.
Experts note that this shift signifies the advancement of China's industrial structure and the increasing sophistication of its enterprises.
In a related economic report, China issued 10.68 trillion yuan (about 1.5 trillion U.S. dollars) in new yuan-denominated loans during the first five months of 2025, as confirmed by data from the People's Bank of China.
By the end of May, the total outstanding yuan loans reached 266.32 trillion yuan, reflecting a year-on-year increase of 7.1 percent.
During this period, household loans saw an uptick of 572.4 billion yuan, while enterprise loans surged by 9.8 trillion yuan.
The country's broad money supply, measured by M2, rose 7.9 percent to 325.78 trillion yuan, with a notable increase in cash circulation.
Furthermore, the People's Bank of China plans to conduct a 400-billion-yuan (approximately 55.7 billion U.S. dollars) outright reverse repo operation on June 16 to ensure liquidity in the banking system.
The World Bank's recent assessment highlights the essential role of consumer spending in maintaining China's economic growth amidst various challenges.
The report indicates that policy support has successfully revitalized consumption and bolstered home sales in major urban areas.
Additionally, projections estimate China's economy will grow by 4.5 percent in 2025, bolstered by proactive fiscal policies aimed at enhancing public investment and providing targeted support to households.
Value-added tax (VAT) invoice data from the State Taxation Administration indicates solid economic performance in May, with manufacturing constituting 30.1 percent of total corporate sales.
High-tech industries continued to flourish, evidenced by a 15 percent rise in sales, with significant growth recorded in robot manufacturing and digital technologies.
China's trajectory towards sustainable economic growth is being reinforced by the ongoing development of its cultural and creative sectors, marking a significant evolution in its global economic standing.
This transformation reflects a broader trend in China's toy industry, where the focus is moving from low-cost manufacturing for foreign brands to creating original products with distinct narratives and emotional engagement.
Historically, China has been the largest producer and exporter of toys, with a considerable portion of its output aimed at foreign markets.
However, recent years have seen the emergence of collectible designer toys that not only represent products but also convey cultural stories.
In the first quarter of 2025, Pop Mart reported a 165 to 170 percent increase in revenue compared to the same period the previous year, with its international sales soaring by 475 to 480 percent.
Other companies in the sector are also enhancing their global presence.
TOP TOY has expanded its footprint to over 280 stores internationally, while 52TOYS noted a dramatic 300 percent business growth in Thailand in 2024. This surge highlights the global appeal of Chinese cultural products, elevating the country's cultural industry to a new prominence in international trade.
In 2024, China's cultural industry demonstrated robust growth, with 78,000 companies generating 14.15 trillion yuan (approximately 1.97 trillion U.S. dollars) in revenue, marking a 6 percent year-on-year increase.
Profits across these firms also rose to 1.29 trillion yuan, a 10.8 percent enhancement from the previous year.
The gaming sector exemplifies China's cultural export capabilities, with titles like 'Black Myth: Wukong' capturing substantial global interest.
A third of its players are located outside China, while established franchises such as 'Genshin Impact' rank among the top downloads in over 100 countries.
China's self-developed games reported overseas revenues of 18.56 billion U.S. dollars in 2024, reflecting a 13.39 percent growth year on year.
Central to this cultural evolution are China's extensive manufacturing facilities, adept at producing intricate designs that meet high international standards.
A factory owner associated with Pop Mart remarked on the advanced capabilities of Chinese factories, citing their ability to produce designer toys with intricate details.
The transition from exporting merely products to promoting unique brands and intellectual property aligns with China's broader economic evolution.
Experts note that this shift signifies the advancement of China's industrial structure and the increasing sophistication of its enterprises.
In a related economic report, China issued 10.68 trillion yuan (about 1.5 trillion U.S. dollars) in new yuan-denominated loans during the first five months of 2025, as confirmed by data from the People's Bank of China.
By the end of May, the total outstanding yuan loans reached 266.32 trillion yuan, reflecting a year-on-year increase of 7.1 percent.
During this period, household loans saw an uptick of 572.4 billion yuan, while enterprise loans surged by 9.8 trillion yuan.
The country's broad money supply, measured by M2, rose 7.9 percent to 325.78 trillion yuan, with a notable increase in cash circulation.
Furthermore, the People's Bank of China plans to conduct a 400-billion-yuan (approximately 55.7 billion U.S. dollars) outright reverse repo operation on June 16 to ensure liquidity in the banking system.
The World Bank's recent assessment highlights the essential role of consumer spending in maintaining China's economic growth amidst various challenges.
The report indicates that policy support has successfully revitalized consumption and bolstered home sales in major urban areas.
Additionally, projections estimate China's economy will grow by 4.5 percent in 2025, bolstered by proactive fiscal policies aimed at enhancing public investment and providing targeted support to households.
Value-added tax (VAT) invoice data from the State Taxation Administration indicates solid economic performance in May, with manufacturing constituting 30.1 percent of total corporate sales.
High-tech industries continued to flourish, evidenced by a 15 percent rise in sales, with significant growth recorded in robot manufacturing and digital technologies.
China's trajectory towards sustainable economic growth is being reinforced by the ongoing development of its cultural and creative sectors, marking a significant evolution in its global economic standing.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.