What is the underlying logic behind the rise of Chinese IPs such as LABUBU and Nezha? (with video)

【Caixin】 In the Chinese market, IP consumption is rising rapidly, and Chinese IP such as LABUBU, Nezha, and “Black Myth: Wukong” are also starting to go global. What’s the logic behind the rise of Chinese IP? What hurdles still need to be cleared to turn local influence into global influence?

“Before studying the rise of Chinese IP, we examined Japan, South Korea, and the United States and found that the overall development trajectory is actually consistent. The current rise of China’s IP is also driven mainly by three forces: economic foundations, social structure, and policy support,” said Ruán Fang, Managing Director at Boston Consulting Group and a global senior partner, in an interview with Caixin during the 2026 Summer Davos.