After some extensive research and consultation, I've concluded that this dog/lion figure most likely was made by an art student in China sometime during the 1950s.
It stands 6 inches high at its highest point, and is 6 inches across at its longest point.
There are holes in the base and a small hole where the mouth is. It looks like the figurine is hollow.
Please see photos for details.
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*** All photos above are of the actual item you will receive. It is stored in my climate controlled, smoke-free home.