Loot boxes are bought by players with real-world money to obtain random content inside video games. Loot boxes are viewed by many as gambling-like and are prevalently implemented globally. Previous Western and international studies have consistently found loot box spending to be positively correlated with problem gambling. Previous Western studies presented mixed results as to the correlations between loot box purchasing and gambling-related risk factors and mental health. A large-scale survey of adult video game players from the People’s Republic of China (PRC) (N = 2,601) was conducted through Tencent Survey. The positive correlations between loot box spending and problem gambling, and between loot box spending and problem videogaming, were successfully replicated. However, other potential risk factors (i.e., impulsiveness/impulsivity; binary past-year gambling participation status; and sensation-seeking tendencies) did not positively correlate with loot box spending with a meaningful effect size. The Risky Loot Box Index (RLI) mostly strongly positively correlated with, and was the best predictor in a multiple linear regression model for, loot box spending. No negative correlations were found between loot box engagement and PRC players’ mental health. In conclusion, this study shows how cross-cultural research can contribute to our understanding of loot box engagement. The RLI may be effective at measuring loot box harms cross-culturally. The present research could help stimulate further research on loot box harms beyond Western countries.