The mark reads deji yuren (virtue extends to fishermen).
This figure probably represents He Xiangu, one of the Eight Daoist Immortals. This model has on occasion been called 'The Queen Mother of the West' (Xi Wangmu), but she according to legend carries a basket of peaches, of which there is no sign in this example. A very similar blanc-de-chine figure is in the Museu de Arte do Bahia, illustrated by J. R. Teixeira Leite, As Companhias das Indias ea Porcelana Chinesa de Encomenda, Sao Paulo, 1986, p.191, cat.3. A pair of similar but larger figures is in the Hodroff Collection, illustrated by D. Howard, The Choice of the Private Trader, London, 1994, p.284, no.343.