(http://msnbcmedia.msn.com/j/MSNBC/Components/Photo/_new/121001_bag-city_hmed_0625p.photoblog600.jpg)Aly Song / ReutersPeople walk in front of posters advertising International Bag City in Pinghu, Zhejiang province September 28, 2012. By Kevin Yao and Nick Edwards, ReutersPINGHU, China - Chinese luggage magnate Karohy Shi wants to add another name to the list of chic cities synonymous with style. Move over Milan, look out London, forget Paris. Say hello International Bag City, Pinghu.
But the $236 million trading center Shi is building in this coastal town about 100 kilometers from Shanghai is more than a place for foreign fashionistas to find the perfect purse.
It aims to help local firms develop their own domestic brands and markets and start scaling the global value chain.
"If we don't do this, maybe five years from now most of the factories around here will have only one thing in their future - going bankrupt," said Shi, chairman of International Bag City (IBC) and local luggage maker, Newcomer Group.
NBCNews
Their economy is getting huge.I will even love to learn their language cos it might be important