China's Communist Party source place clutch to fashion pinnacle

Shanghai, birthplace of China's verdict Communist Party and currently abode to shops selling Ferraris, Hermes and Louis Vuitton, will host Italy's prestigious fashion pinnacle, focused by decision-makers from the major luxury brands.
The Milano Fashion Global Summit, regularly held in Milan, occurs in Shanghai Friday, coordinators said.

China is expected to grow to be the world's largest luxury fashion goods marketplace in five to seven years, oiled by growingly rich and brand-conscious customers.

It is angled to develop into the third-largest consumer marketplace by 2015 as 75 million families unite the middle class and entire city utilization hits 13.3 trillion yuan ($2 trillion), Bank of America Merrill Lynch has said.

($1=6.680 Yuan)