Couldn't agree more. There is no question that branded merchandise, imported from outside China, is more expensive or at best the same price in China. It seems like a big surprise to most visitors. Every time a friend visits me in Shanghai, the first thing they ask is "ok, where can I get some really good deals on electronics and gadgets". They are universally surprised and disappointed to hear that you can't, really.
The exception is stuff that is unbranded, or where brands aren't very important, with the merchandise very likely to be made inside China itself. For example, (no-name) tripods, bags, batteries, even (generally no-name) memory cards can be had quite cheaply, often 30-40% below US prices. But cameras, cell phones, brand-name laptops, etc - all 0-20% more than US.
However, I have found so far that SLR camera gear is near the low end of the mark up pricing scale. Compared, for example, with digital point-and-shoot gear, that is often 20% more expensive, SLR gear seems to be closer to 0% more, sometimes even less, compared with US prices. I quoted a 5d at just under $3K two weeks ago. Looked at a lens for $200 that sells for $219 routinely here.
The other thing that I'd note is that if you're a ?? (foreigner!) who cannot speak Mandarin, you'll be hard-pressed to get anywhere close to the best price. If you're a ?? who can speak some (or a lot) of Chinese, you'll get CLOSE to the "local" price (but still, probably not all the way there). Only if you're a Chinese person will you really get to the bottom line. I'm in the second category - a foreign guy who can speak Mandarin, so my sense is that prices can go a little lower than I'm hearing / getting, but not too much.
EE
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