That statue is not of buddha the founder of buddhism, it is of Budai. He is said to have lived around the 10th century in the Wuyue kingdom. His name literally means "cloth sack", and refers to the bag that he is conventionally depicted as carrying as he wanders aimlessly.

His jolly nature, humorous personality, and eccentric lifestyle distinguish him from most Buddhist masters or figures. He is almost always shown smiling or laughing, hence his nickname in Chinese, the "Laughing Buddha. He is also depicted as overweight.