Until this year, few could have anticipated that a quirky, toothy plush doll would capture the hearts of social media users worldwide and ignite a global shopping frenzy. Labubu, created by Chinese toymaker Pop Mart, is becoming a new icon in the "intellectual property (IP) economy," a thriving sector within China's dynamic economic landscape.

As a buzzword in China, the IP economy refers to the process of converting intangible cultural assets -- such as stories, characters and brands -- into a variety of products and services. The sector spans film and television, gaming, animation, cultural creations, consumer goods, and many other fields. Together with various successful Chinese IPs such as the movie "Ne Zha 2" and the video game "Black Myth: Wukong," Labubu has exemplified a burgeoning trend in China: the transformation of culture and creativity, bolstered by cutting-edge technology, into business opportunities across a diverse range of sectors.

                                                                                                                                    Source : Xinhua