Latest news with #PengPeng
South China Morning Post
27-06-2025
- Business
- South China Morning Post
China's Guangdong plans a domestic version of Canton Fair trade show, but will it pay off?
Southern China's Guangdong province will launch a 'domestic trade version' of the Canton Fair – the country's largest import and export fair – to help export-oriented companies tap into the domestic market amid weak external demand and rising global trade uncertainties. Advertisement The initiative is a key component of a work plan released by the provincial government on Tuesday that aims to strengthen 'domestic circulation' – a strategy focused on boosting China's economic self-reliance by building a robust and unified internal market. According to the plan, around 20,000 export-oriented enterprises will be mobilised to take part in promotional activities that will channel high-quality export products to the domestic market. The plan also includes other supportive measures, such as encouraging e-commerce platforms to establish dedicated sections for 'domestic sales of export products', and offering fee reductions to help foreign trade firms set up online stores. However, industry insiders say there are already too many domestic trade promotion events, and they have done little to address sluggish consumer demand and delayed payments, the fundamental challenges in shifting to domestic sales. Advertisement 'Guangdong's new fair continues the aim of supporting foreign trade companies by helping them shift inventory and production capacity towards the domestic market,' said Peng Peng, executive chairman of the Guangdong Society of Reform, a think tank based in Guangzhou, the provincial capital. The key issue, Peng said, was whether the new fair would be able to replicate the twice-yearly Canton Fair's key benefits to exhibitors – gathering large numbers of genuine buyers and facilitating real transactions – or prove to be merely a symbolic gesture.
Mint
28-05-2025
- Entertainment
- Mint
Chinese customs stop travellers carrying Pop Mart's Labubu and Molly dolls at airports; here's why
As the prices of Pop Mart toys have increased with the Beijing-based retailer's global expansion, the Chinese customs authorities have repeatedly stopped suspected smugglers, reported China Daily. According to the report, the Chinese customs agents have intercepted and seized undeclared toys multiple times from passengers who reportedly seek to profit from resales. The customs agents recently confiscated as many as 318 toys from three travellers at Changsha Huanghua International Airport in Hunan province. In another case, a passenger at Hefei Xinqiao International Airport in Anhui province was caught with 94 toys. The media report claims that travellers are reportedly buying the toys overseas and bringing them back into China. Due to currency fluctuations or local discounts, Pop Mart toys are sometimes sold at lower prices offshore than in China. Currently, the firm has more than 500 stores in over 30 countries and is expanding internationally. 'To put it simply, the high price is both about hype and the effect of international popularity,' China Daily quoted Peng Peng, executive chairman of the Guangdong Society of Reform think tank, as saying. 'Chinese consumers and businesspeople are interested, more or less,' he added. 'Business opportunities that can promote consumption cannot be missed.' Various reports claim that a few Pop Mart stores outside China have attracted long queues, large crowds and even fights. The Pop Mart's retail chain on 19 May announced on Instagram that it would pause sales of its toy line for The Monsters at its UK stores until further notice. It cited safety concerns following chaotic scenes at some of its stores, added the report. Labubu, one of Pop Mart's famous toys, was created by Hong Kong-born designer Lung Ka-sing. It is a series of stuffed elflike monsters with furry bodies, pointed ears and sharp teeth. The company's Molly figurines, also designed by a Hong Kong artist, resemble a cartoonish young girl with emerald eyes. Both toy series were seen being carried by world-famous celebrities, such as Lisa from the K-pop group Blackpink. This has given the toys extra edge over other toys and fuelled the craze for it. The report mentioned that a Molly figurine was valued at the equivalent of $208 but could be resold in China for $320. Also, once priced at 99 yuan ($13.8), a Labubu 'hidden edition' doll now sells for more than 2,000 yuan. According to Peng, efforts are required to stop people smuggling the dolls. 'Combating smuggling has always been a difficult problem, but as long as you persist, it will be effective, which can be seen in China's fight against online fraud,' Peng said. However, Hong Kong-based lawyer Joe Simone thinks otherwise and says the crackdown is unlikely to escalate. According to him, the traveller would pay a fine for inaccurately declaring merchandise, and the case would be shut. 'The authorities can only catch so much. How often does customs even look through your luggage?' he asked.
South China Morning Post
28-05-2025
- Business
- South China Morning Post
China stops Labubu, Molly doll smugglers as prices soar, fights reported overseas
Chinese customs authorities have repeatedly stopped suspected smugglers of Pop Mart toys, including its Labubu and Molly series, as prices for the dolls soar amid a global expansion for the Beijing-based retailer. Customs agents have intercepted undeclared toys multiple times from passengers 'allegedly seeking to profit from resales', China Daily reported. In one case, 318 toys were confiscated from three travellers at Changsha Huanghua International Airport in Hunan province, according to the state-run news outlet. In another case, it reported that a passenger at Hefei Xinqiao International Airport in Anhui province was caught with 94 toys, all intended for resale. Travellers are reportedly buying the toys overseas and bringing them back into China, according to media reports and analysts. Founded in 2010, Pop Mart is rapidly expanding internationally and now has more than 500 stores in over 30 countries and regions. The company's most sought-after toys sometimes sell at lower prices offshore than in China because of currency fluctuations or local discounts. 'To put it simply, the high price is both about hype and the effect of international popularity,' said Peng Peng, executive chairman of the Guangdong Society of Reform think tank. 'Chinese consumers and businesspeople are interested, more or less,' he added. 'Business opportunities that can promote consumption cannot be missed.'
