From what I've gathered, China is much more in to mobile gaming and livestreaming than the rest of the world. Folding phones seem to appeal to those who primarily consume media on their phones, so it checks out they would want larger phones.
I wouldn't be surprised if the majority of people everywhere primarily consume media from their smartphones, whether it be Youtube, Netflix, gaming, etc.
None of my friends who don't work in tech own a personal laptop let alone a desktop with a big screen. Few of them even own tablets.
To them, a $2000 folding smartphone is a practical device that will be put to maximum use daily. A $2000 personal laptop is the luxury product they find no practical daily use for - laptops are for work, and only work.
Theres also the whole vertical micro dramas thing which started in China but has been spreading.