I think it's a mater of time paper PP/VC/AP watches will be used.. but currently, it's still Rolex, and perhaps Omegas too, as the huge Omega marketing machines are hyper-active there..
Extracts from Facts and Details website on Funerals in China: "...Paper houses—sometimes with paper servants and paper furniture—paper televisions, paper Rolexes, paper cell phones, paper condoms, paper Audis, paper Mercedes Benzes, paper ATMs, paper luxury villas and even paper cows for people that loves cows are all burned as offerings, often in Buddhist (rather should be Taoist) temples while monks chant and play flutes and cymbals.." and "...In recent years people have been burring paper Viagra and “Supergirls” dolls--inspired by the Chinese version of American Idol--to show off wealth.."