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Straits Times
15 hours ago
- Entertainment
- Straits Times
Monsters and memes: Labubu dolls ride China soft-power wave
TikTok paved the way for Labubu's ascent when it became the first Chinese-branded product to be indispensable for young people internationally. PHOTO: EPA-EFE SHANGHAI - Small, fuzzy and baring sharp teeth, Chinese toymaker Pop Mart's Labubu monster dolls have taken over the world, drawing excited crowds at international stores and adorning the handbags of celebrities such as Rihanna and Cher. Beijing-based Pop Mart is part of a rising tide of Chinese cultural exports gaining traction abroad, furry ambassadors of a 'cool' China even in places associated more with negative public opinion of Beijing such as Europe and North America. Labubus, which typically sell for around US$40 (S$51.40), are released in limited quantities and sold in 'blind boxes', meaning buyers do not know the exact model they will receive. The dolls are 'a bit quirky and ugly and very inclusive, so people can relate', interior designer Lucy Shitova told AFP at a Pop Mart store in London, where in-person sales of Labubus have been suspended over fears that fans could turn violent in their quest for the toys. 'Now everything goes viral... because of social media. And yes, it's cool. It's different.' While neighbouring East Asian countries South Korea and Japan are globally recognised for their high-end fashion, cinema and pop songs, China's heavily censored film and music industry have struggled to attract international audiences, and the country's best-known clothing exporter is fast-fashion website Shein. There have been few success stories of Chinese companies selling upmarket goods under their own brands, faced with stereotypes of cheap and low-quality products. 'It has been hard for the world's consumers to perceive China as a brand-creating nation,' University of Maryland's Professor Fan Yang told AFP. Pop Mart has bucked the trend, spawning copycats dubbed by social media users as 'lafufus' and detailed YouTube videos on how to verify a doll's authenticity. Brands such as designer womenswear label Shushu/Tong, Shanghai-based Marchen and Beijing-based handbag maker Songmont have also gained recognition abroad over the past few years. 'It might just be a matter of time before even more Chinese brands become globally recognisable,' Prof Yang said. The TikTok effect Through viral exports like Labubu, China is 'undergoing a soft-power shift where its products and image are increasingly cool among young Westerners,' said Ms Allison Malmsten, an analyst at China-based Daxue Consulting. Ms Malmsten said she believed social media could boost China's global image 'similar to that of Japan in the 80s to 2010s with Pokemon and Nintendo'. Video app TikTok – designed by China's ByteDance – paved the way for Labubu's ascent when it became the first Chinese-branded product to be indispensable for young people internationally. Mr Joshua Kurlantzick from the Council on Foreign Relations (CFR) told AFP that 'TikTok probably played a role in changing consumers' minds about China'. TikTok, which is officially blocked within China but still accessible with VPN software, has over one billion users, including what the company says is nearly half of the US population. The app has become a focus of national security fears in the United States, with a proposed ban seeing American TikTok users flock to another Chinese app, Rednote, where they were welcomed as digital 'refugees'. A conduit for Chinese social media memes and fashion trends, TikTok hosts over 1.7 million videos about Labubu. Labubumania Cultural exports can 'improve the image of China as a place that has companies that can produce globally attractive goods or services', CFR's Mr Kurlantzick told AFP. 'I don't know how much, if at all, this impacts images of China's state or government,' he said, pointing to how South Korea's undeniable soft power has not translated into similar levels of political might. More on this Topic China state media warning on blind-box toys sends Labubu maker Pop Mart shares tumbling While plush toys alone might not translate into actual power, the United States' chaotic global image under the Trump presidency could benefit perceptions of China, Prof Yang said. 'The connection many make between the seeming decline of US soft power and the potential rise in China's global image may reflect how deeply intertwined the two countries are in the minds of people whose lives are impacted by both simultaneously,' she told AFP. At the very least, Labubu's charms appear to be promoting interest in China among the younger generation. 'It's like a virus. Everyone just wants it,' Kazakhstani mother-of-three, Ms Anelya Batalova, told AFP at Pop Mart's theme park in Beijing. Qatari Maryam Hammadi, 11, posed for photos in front of a giant Labubu statue. 'In our country, they love Labubu,' she said. 'So, when they realise that the origin of Labubu is in China, they'd like to come to see the different types of Labubu in China.' AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
17-03-2025
- Business
- Yahoo
Foreign investors lured to high-yielding Chinese bank debt
SHANGHAI/SINGAPORE (Reuters) - Foreign investors are rushing into Chinese interbank debt instruments as mainland yields rise, seeking to exploit the advantage of favourable currency conversion rates and the refuge offered by the market's low correlation with the rest the world. U.S. dollar investors in particular are snapping up negotiable certificates of deposit (NCDs) -- popular short-term debt instruments issued between banks for their financing needs -- as the hedged return on these exceeds that on U.S. Treasuries. WHY IT'S IMPORTANT Foreign investors have not increased holdings of Chinese government bonds since September 2024 after a year of consistent purchases as the yuan weakened and the carry trade turned less attractive. But they have increased holdings of NCDs since December, signalling a slight turn in capital flows into China and providing the yuan a buffer as a Sino-U.S. trade war simmers. BY THE NUMBERS Foreign investors held 1.14 trillion yuan ($157.51 billion)worth of NCDs at the end of February, the highest on record and marking the third consecutive month of buying. The yield on one-year NCDs has jumped around 40 basis points (bps) this year to around 2%, while 10-year sovereign yields rose 20 bps to 1.89%. Dollar investors also earn 2.8% when they swap their cash into yuan, which means NCD investments earn 4.8% versus just around 4% on one-year Treasuries. QUOTES "Global investors are trying to seek something that is very decorrelated... The price action is completely different to the rest of the world. That mindset attracts some of the flow back to China," said Cary Yeung, head of greater China debt at Pictet Asset Management. Rising local yields, a favourable hedging environment, and the prospect of U.S. interest rate cuts render Chinese bonds attractive for investors, said Wei Li, head of China multi-asset investments at BNP Paribas. ($1 = 7.2378 Chinese yuan renminbi) Sign in to access your portfolio
