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CHINA’S TOY INDUSTRY FACING CRISIS

April 28, 2014 by · Leave a Comment 

China’s toy industry, which turns out 70 percent of the world’s toys and probably a greater percentage of non-digital merchandise associated with Hollywood family films, “is now facing challenges at home and abroad,” the Chinese wire service Xinhua reports. It noted that a combination of rising labor costs, the rising value of the Yuan currency, reduced overseas orders, and the lack of imaginative new toy items now threatens a business that earned $24.73 billion from exports alone last year. Disney has long been criticized for using Chinese factories that often employ low-wage and under-age workers who are forced to work long hours in unsafe conditions to produce merchandise that in many cases account for greater profits than the films with which they’re associated. At the China Import and Export Fair in Guangzhou, several top-company executives indicated that new technology could save the industry. Li Xinxin of Hong Kong-based Chuangjia Ltd. said that toys should become a child’s companion. His company has introduced an electronic dog that can react to commands and communicate with children on a basic level. “We need toys which are ‘alive’ and can communicate. This is the future,” Li said.