China has already become a battle ground for US, European and Japanese firms looking to break new markets. The likes of Microsoft are now looking for inroads into the market and the relaxation of rules that lift limitations on the number of foreign stores provides ample opportunity. Prada plans to have 30 stores by 2008 - and they have reason to be so ambitious: China is the 3rd largest luxury market on the globe. Luxury hotels are sprouting up all over the place and Cadillac hopes to be the new luxury car there.

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