The Beijing Watch Factory, which was purchased by a local real estate developer, has taken a different route, choosing to develop high-end watches that they hope will take off among China's moneyed elite.

Although China has more than 100 watchmakers of varying size, none of them has built a brand culture that is as well-recognized among Chinese consumers as the Swiss and Japanese brands they compete with.

Chang Wei, a watch collector, said that Switzerland has a watchmaking history much longer than China, a fact that has stunted the industry's growth.

However, Chang said he believes that Chinese watchmakers should work to create their own value and maintain their traditions, as well as boost their promotional efforts in order to win greater numbers of customers.

"This can help consumers understand the additional value of the watch and build their sense of identity," Chang said.