A limited edition of a Labubu figure called Labubu Pilot in Beijing on June 20, 2025, ahead of an auction by the Yongle Auction house on June 22. (Photo by Adek BERRY / AFP)
BEIJING: 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.
