China’s Rich Spend Big to Celebrate Valentine’s Day – Reuters

From Reuters via CNN.com:

Once considered a symbol of the decadent West, Valentine’s Day is becoming big business in newly affluent China.

Nowhere more so than in Shanghai, China’s showcase city for the economic reforms of the last three decades, a financial hub which is once more rediscovering its glory pre-World War II days when it was known as the Paris of the East.

This Valentine’s Day, Shanghai banker Richard Fan will be buying his wife a 40,000 yuan ($5,146) Cartier wrist watch.[Full Text]