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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.

"I think it's a better gift than some 10,000 or 20,000 yuan ($1,300-$2,600) meal," said Fan, 37.

"A gift you can use daily looks much more concrete," he added, blithely.

The watch's price tag is 12 times more than the average Chinese farmer earns in a year.

Among Valentine's Day gift ideas on offer in Shanghai is a $1,000 wine-and-dine package that includes limousine transfers, personal butlers and candle-lit dinners at private concerts

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