[Photo/culturalink.gov.cn]

According to HKTDC's data, being the second-largest licensing market in Asia after Japan,retail sales of the mainland's licensed merchandise amounted to $5.5 billion in 2013,accounting for nearly 30 percent of the total in Asia.

"While the licensing business has been stagnant or even diminishing in some countries due tounstable world economy, the licensing industry in the mainland has been achieving double digitgrowth year on year in the past few years, and we see the momentum picking up fast and willcontinue," Rebecca Lo, council member of Licensing Executives Society China (Hong KongSub-Chapter) told China Daily.

"Some studies forecast that in 10 years' time, China will surpassJapan to be the biggest market for licensing business in Asia, and will be the second-biggestmarket for licensing business in the world, second only to the US."

Asia's licensing market accounts for 12 percent of the world's total as global sales of licensedmerchandise reached $155.8 billion in 2013.

Meanwhile, entertainment and cartoon characters remain the most popular licensingmerchandise in Asia, with retail sales at $6.9 million, accounting for 37 percent of market sharein 2013.

"Factors such as a fast growing middle class and willingness to spend money on kids, a fastgrowing creative industry, and the high penetration rate of the digital media amongst youngpeople in mainland indicate that the licensing of movie, cartoon and digital game characters willcontinue to take the lead in driving the licensing business of China," Lo said.