The Chinese market did it again: the Apple Watch does not officially go on sale until next month, but apparently, knockoff versions are already sold in China via the Huaqiangbei electronics market in Shenzhen, and is being sold nationwide via e-commerce websites.

According to CNN Money, the fake watches mimicked the style and design of Apple Inc's (NASDAQ:AAPL) products, right down to the digital crown, and with names like "Ai Watch" and "D Watch."

And although they look exactly the same, these knockoffs will only cost 250 yuan to 500 yuan - that's equivalent to $40 to $80, a far cry from Apple Inc's $349 to (rumored) $10,000 price tag. They also run on Android operating systems that are made to look like the Apple interface with Apple-like icons on screen.

The availability of the knockoffs are a wonder, considering that the Chinese counterfeiters have already brought to the market the similar designs, ready to be sold even before Apple's product hit the market. Laurent Le Pen, founder of Shenzhen-based smartwatch maker Ornate said, "These guys are specialists. The speed at which they can bring copies on the market is amazing."

However, even with the numbers as they are, Bidness Etc reports that Apple Inc is still targeting China's $16 billion market for their watch, as it appeals to the Chinese consumers' want for luxury and status. Also, with Apple's shares rising 70% in China in the last quarter, the company is eyeing for more profits in the Asian giant, as it sells more units there than even in the US.

An analyst for Oppenheimer & Co explained the importance of the market in China, saying, "China is arguably the most important market outside the US and without this key market, I don't see how Apple can have success with the watch or any future product."

However according to Bain & Co consultancy group, luxury spending in china fell in 2014 by 1%, to 115 billion Yuan for the first time in many years. This is due to the scrutiny that Chinese government has noted on luxury items like Apple's products. A source from Grandall Law Firm said about the government's campaign: "The anti-corruption campaign has definitely made people, especially in government, reluctant and even scared to buy expensive products. They buy fewer for themselves and fewer to give others."

With the knockoffs look almost exactly like the original Apple Watch, do you think the Chinese market will buy the cheaper version and lower luxury spending costs, or will they be keen on buying the more expensive, original products?