GUANGZHOU - The bankruptcy of US toy retailer Toys "R" Us has had no major impact on China's toy exports, authorities said Wednesday.

The overall condition of China's toy industry is good, according to a press conference held by the Guangdong Toy Association. About 70 percent of China's toy exports are produced in Guangdong province.

Toys "R" Us filed for bankruptcy last September after revealing it was saddled with $5 billion of debt. China is the world's biggest toy producer and exporter, and has the second biggest toy consumption market in the world.

Li Zhuoming, head of the association, said that the bankruptcy will inevitably have an impact on sales of some companies, but the demand for toys will not be influenced greatly.

"International demand for made-in-China toys is robust, " Li said.

The company's bankruptcy also serves as a reminder to Chinese companies that innovation in sales channels and product research is very important, Li said.

China exported more than $44 billion worth of toys in 2017, up 31.2 percent. It was a record growth since the global financial crisis in 2007.